Hmm. I'm trying to recall if I've read any romances that take so long to introduce the hero or heroine. I don't think any have taken until chapter 5. So I would probably expect that the story show good reason for the delay.

As a side note, in my current WIP, although the hero meets the heroine in the first chapter, he doesn't actually realize he's met Her until chapter 3 because of her various disguises.