Buying your first home in Western Australia is a big step, but it is a well-worn path. There is more help available than most people realise, and the order you do things in matters. This guide walks through the money, the help on offer and the steps from first chat to keys.
1. Work out what you can borrow
Start with your borrowing power, not the listings. Lenders look at your income, your living costs, any debts (including credit card limits and buy now, pay later accounts) and how many people depend on you. Two lenders can give very different answers for the same person, which is where a broker earns their keep.
- Payslips, or two years of tax returns if you are self-employed
- Three months of bank statements showing your savings
- Details of any debts, cards and limits
- ID: driver’s licence, passport or Medicare card
2. Know your deposit options
The traditional deposit is 20% of the price. Below that, lenders usually charge lenders mortgage insurance (LMI). Three common ways to buy with less:
- Australian Government 5% Deposit Scheme: buy with as little as 5% and no LMI. Since 1 October 2025 there are no income caps and no limit on places. The price cap for Perth is $850,000, and $600,000 in regional WA. Single parents may be able to buy with 2%.
- Keystart: the WA Government’s low-deposit lender. From 15 April 2026 its Low Deposit Home Loan has a price limit of $860,000 and income limits of $155,000 for singles and $228,000 for couples and families (higher in the Kimberley and Pilbara).
- Family guarantee: a parent uses equity in their home as extra security, so you can borrow more without LMI. It is a serious commitment for them, so they should get their own advice.
3. Grants and concessions
- First Home Owner Grant: $10,000 towards a new home (not an established one). The total value must be under $800,000 south of the 26th parallel, which covers all of Perth. You must live in it for at least six continuous months, starting within 12 months of completion.
- First home owner rate of duty: for agreements from 7 May 2026, there is no stamp duty on a first home up to $600,000. Between $600,001 and $800,000 you pay a reduced rate. For vacant land, no duty up to $450,000. This now applies to established homes too, and no longer depends on the grant’s price cap.
See our First Home Owner Grant guide for the full rules, and WA stamp duty explained for worked examples.
4. Get pre-approved
Pre-approval tells you, and sellers, that a lender is likely to back you up to a set amount. It usually lasts around three months. It is not a guarantee: the lender still has to approve the property and check nothing has changed. More in our pre-approval guide.
5. Find the home and make an offer
- Make your offer subject to finance, and to a building and pest inspection if you want one
- Agree a realistic settlement date, often 30 to 60 days
- Have your settlement agent look at the contract before you sign, if you can
6. Offer accepted: what happens next
Your broker moves you from pre-approval to formal approval, which includes a valuation of the property. At the same time, your settlement agent orders searches, handles your duty and works towards settlement day. Keep an eye on your finance clause date, as it is the date that protects you.
7. Settlement and keys
On settlement day the money usually moves electronically through PEXA, the title is lodged with Landgate, and you get the keys. A week later is a good time to set up your offset account, check your repayments and diarise a rate review for next year.
Costs to budget for besides the deposit
- Stamp duty (if any) and Landgate registration fees
- Settlement agent fees
- Building and pest inspection
- Lenders mortgage insurance, if you borrow over 80% without a scheme
- Insurance, moving costs and connecting utilities
General information only, written on 11 October 2026. It doesn't take your personal circumstances into account. Rates, grants, tax rules and concessions change, so speak with us before making a decision.
