The whole process took about 2 months from time of application to job offer. Remember to apply early, as my friend who wanted to apply tried to do it when the graduate applications already closed. The first stage is a resume screen, followed by a phone interview with the recruiter, then a take-home homework about product (e.g. how do you improve a product you use frequently etc.), then final interviews on-site.
The final interviews consist of a 1 hour behavioural interview with 1 senior PM, followed by a 1 hour white-boarding session with another senior PM. When I interacted with the recruiter and the interviewers, it all felt very casual and chilled. It gives you a glimpse into their culture, which I really like as I feel that it will bring out the best in people.
Note that although it seems chilled, they are evaluating constantly (but will be super friendly and smiley), so be prepared to steer the conversation as a PM is supposed to be a leader without authority. I accepted the offer as it is THE dream company to work at in Sydney!