How Long Does It Take to Do Equity Release? Step-by-Step Timeline

When you’re thinking about equity release, the biggest question isn’t usually how much money you can get-it’s how long it’ll take to actually get it. People often assume it’s a quick fix, but the truth is, equity release isn’t a same-day loan. It’s a legal, financial, and property-based process that involves multiple steps, professionals, and paperwork. For most homeowners in Australia, the whole process takes between 8 to 12 weeks. But depending on your situation, it could be as short as 6 weeks or stretch past 16 weeks.

What Happens in the First 2 Weeks?

It starts with a conversation. Not with a salesperson, but with a qualified equity release adviser. This isn’t optional. By law, you must get independent financial advice before you can proceed. The adviser will look at your home’s value, your age, your health, and your financial goals. They’ll explain the two main types: lifetime mortgages and home reversion plans. Most people choose lifetime mortgages-where you borrow against your home’s value and keep living there.

Once you decide to move forward, the adviser will send your details to a lender. That’s when the application officially begins. The lender will request basic documents: proof of identity, proof of address, recent bank statements, and your property title. If you’ve owned your home for less than 12 months, some lenders will delay processing until you’ve held it longer. This isn’t a rule everywhere, but it’s common enough that it trips people up.

Property Valuation: The Critical 3rd Week

After the lender accepts your application, they’ll order a property valuation. This isn’t just a drive-by estimate. A certified surveyor will come to your home, check the condition, note any major repairs, and compare your property to similar sales in your area. If your home needs significant work-like a leaking roof or outdated wiring-the lender might reduce their offer. That’s not a rejection. It’s a reassessment.

This step usually takes 5 to 10 business days. If your area is busy or the surveyor has a backlog, it can take longer. In regional towns like Toowoomba or Townsville, it might take an extra week because there are fewer qualified surveyors. Urban areas like Brisbane or Sydney usually move faster.

Legal Process: The Longest Hurdle

Now comes the legal side. You’ll need to hire a solicitor who specializes in equity release. This isn’t your regular conveyancer. Equity release involves complex legal terms, including how interest compounds over time, what happens if you move into aged care, and how your estate will be affected. Your solicitor will review the lender’s contract, explain the fine print, and make sure you fully understand the risks.

This part can take 3 to 6 weeks. Why so long? Because solicitors must ensure you’re not being pressured, that you’re making an informed decision, and that all documentation is legally watertight. They’ll also need to liaise with the lender’s legal team. If there’s a delay in signing documents-maybe you’re out of town, or your spouse needs time to think-it adds days. That’s why it’s smart to start gathering documents early.

Waiting for Approval and Funds

Once your solicitor signs off, the lender does a final review. They’ll check everything again: your ID, the valuation, the legal paperwork. If nothing’s wrong, they’ll issue a formal offer. You’ll have a cooling-off period of 14 days where you can change your mind without penalty. Most people use this time to talk with family or get a second opinion.

After the cooling-off period ends, the lender sends the funds to your solicitor’s trust account. From there, it takes 2 to 5 business days to transfer the money into your bank account. This delay isn’t the lender’s fault-it’s how trust accounts work. They have to clear checks, reconcile records, and follow strict anti-money laundering rules.

What Can Speed Things Up?

Some people get their equity release in under 6 weeks. How? They prepare. Here’s what helps:

• Have your property title and ID ready before your first meeting
• Choose a lender known for fast processing-some have dedicated equity release teams
• Book your property valuation as soon as you apply
• Don’t wait to hire your solicitor. Start the search early
• Make sure both you and your partner are available to sign documents

Also, if you’re in good health, you might qualify for an enhanced equity release plan. These can be processed faster because the lender already has a clear risk profile. If you have a medical condition that shortens life expectancy, you might get a higher payout-and sometimes a quicker approval.

What Slows It Down?

Delays usually come from three places:

• Missing or incomplete paperwork
• Property issues-like unapproved renovations or leasehold complications
• Slow solicitors or lenders with high workloads

One common mistake? People think they can skip the adviser. They go straight to a lender website and fill out an online form. That’s fine for an estimate, but it doesn’t count as legal advice. You’ll still need to go back and start over with an adviser. That adds 2 to 3 weeks right away.

Another issue? Joint ownership. If your home is in both your name and your adult child’s name, the lender will require both parties to get independent advice. That doubles the legal work and can add weeks.

Real Example: A Brisbane Homeowner’s Timeline

Barbara, 72, from Greenslopes, wanted to release $200,000 to pay off her daughter’s student debt and fund home upgrades. Here’s what happened:

1. Week 1: Met with adviser, chose a lifetime mortgage
2. Week 2: Submitted documents, lender accepted application
3. Week 3: Surveyor visited, valued home at $850,000
4. Week 4-7: Solicitor reviewed contract, explained compound interest terms
5. Week 8: Received formal offer, 14-day cooling-off period started
6. Week 10: Cooling-off ended, funds transferred
7. Week 11: Money hit her account

Total time: 11 weeks. She was happy with the result, but says she’d have saved two weeks if she’d already had her title deed ready.

Is Equity Release Right for You?

Time isn’t the only thing to consider. Equity release reduces what you leave to your heirs. Interest compounds over time-so if you take out $150,000 at 5.5% interest, in 10 years, you could owe over $250,000. That’s why it’s not a solution for short-term cash needs. It’s designed for long-term financial planning.

If you’re considering equity release because you’re struggling with bills, you might want to look at other options first: pension advances, government support payments, or even a reverse mortgage with a lower interest rate. Equity release should be your last option, not your first.

Final Thoughts

Equity release isn’t fast. But it’s predictable. If you plan ahead, have your documents ready, and work with experienced professionals, you can avoid the worst delays. Most people get their money in under three months. The key is starting early and staying organized. Don’t wait until you’re in a financial pinch to begin. The process takes time-but it’s worth it if you do it right.