Lenders want to see a history of responsible spending and three months of living expenses in savings to ensure you can comfortably service a home loan. Here are some key tips to help you save for your first home and navigate the process of applying for a first home buyer loan. Pre-approval is recommended as it helps you understand your budget, shows sellers you are serious, and identifies any issues before you apply for a full loan. Pre-approval is often one of the first steps in the home buying process. It gives you an estimate of how much you may be able to borrow before you start making offers.
Consider the home loan fees against the benefits the feature provides. New Money.com.au research reveals a whopping 70% of Australians have at least one spending habit that could hurt their ‘character’ check with a lender. Mining Equipment Finance WA The survey also found that only half of Australians (50%) are aware that lenders assess a borrower’s ‘character’ as part of a home loan application. You could use a snowball method which involves paying off your smallest debts first, then moving on to the next smallest.
Once this is complete, your broker will submit your application to the lender, where they’ll review your application and arrange mortgage insurance and a property valuation if required. The federal government announced a new grant deposit scheme for first home buyers to help them purchase a home sooner. Unlike most mortgage brokers, we work out which lenders may approve your loan before providing you with a quote. The First Home Owner Grant (FHOG), often referred to as the first home buyers grant, is a one-off payment from the WA Government to encourage and assist people to build their first home. First-home buyers, interstate arrivals, and private investors are deliberately focusing on fields where entry costs remain accessible and where bank serviceability assessments match local wage metrics.
If you're tired of renting, or struggling to save a deposit, the shared home ownership initiative is one way you may be able to afford to buy your own home. There are a range of government products and initiatives available to assist you into home ownership. Loan approval times can vary depending on the lender and how complex your application is.
The property drops from being worth a million to say $900,000, but you owe the bank $950,000; that is negative equity,” Panos said. Negative equity occurs when homeowners owe the bank more than their home is worth, meaning they would be unable to sell their property for a profit. "This investment in stampduty relief is yet another way we're ensuring young people and families have ahome.
With our years of experience in the real estate market, we can help you to find the perfect property in record time. With an experienced Perth buyers agent, you will have the guidance you need to make an informed decision. Not only will you save time and money, but you will also be spared any frustration when partnering with a great buyer’s agency. Building your own home might only cost a few thousand upfront, versus the usual 20% down payment. House and land finance may sound like it’s part of the dark arts, but we can guide you through it.
Under the worst-case scenario, population growth would fall below 400,000 people, there would be no rate cut, and commodity prices would remain firm. That could lead to an even larger drop in house prices in Sydney, Melbourne, Hobart and Canberra, but growth in Perth, Brisbane, Adelaide and Darwin. Grow your property investment knowledge with our free resources and property market reports.
Luckily, you’ve got options to choose from, like low down payment loans, programs for lower credit scores, and some of the best home loans for first-time buyers. Our experienced team can answer your questions, assess your eligibility for various government schemes, and guide you through the entire home loan process. Variable Rate Loans These loans fluctuate with the market interest rate, which means your repayments may increase or decrease over time.
To be eligible for the stamp duty concession you'll need to be a first home buyer. If you, or your partner or spouse, has previously owned a home, you won't be eligible. You should expect your grant funds to be credited to your Keystart account approximately two weeks after the first progress payment is made to your builder. If you’ve purchased a newly built home, you should expect this to occur approximately two weeks after settlement. For Keystart customers, we allow you to use the FHOG funds towards your deposit. To make this happen, we advance (pay on your behalf) an amount equivalent to the FHOG to your settlement agent to be available at settlement.
At the moment very few new complexes are coming out of the ground because it's not financially viable to build them at today's market prices. These factors have created a sharp shortage of housing, outweighing the negative impact of rates on prices. House prices are driven by many other factors, not just interest rates, but rates are on the way down. And when rates do eventually turn - which they will - there will be a meaningful uplift in borrowing capacity that flows back through the market.
EOFY is often when buyers begin seriously reviewing finances and eligibility requirements, making it one of the best times to explore available support options. Canstar's data insights director Sally Tindall looked at every major capital city, and found buying a property at the top of the cap was out of reach for single income earners, despite the government guarantee. In order to provide you with the full range of financial services from several lenders so that you can finally construct your own home, we have partnered with Australian Mortgage Broking. Changes to the scheme — now branded the Australian Government 5% Deposit Scheme and in effect from October 1 — have removed income limits and raised property price caps.
We can provide approval for applicants in as little as 2-3 days, pending the customer's individual circumstances and all correct documentation has been provided. Speak with the team at Strategic Mortgages to find out if you qualify, which lenders are most competitive for your circumstances, and what your options look like. Buying at 95% LVR means a relatively small drop in property values could put you in a position where you owe more than the home is worth. This applies to any high-LVR loan, not just this Scheme, but it’s a real consideration, particularly in a market that has moved quickly. The Government of Western Australia acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.
Following an October 2025 expansion, the Scheme is now substantially more accessible than the version many Perth buyers will remember. Income caps were removed, place numbers became unlimited, and the Perth property price cap was lifted to $850,000. For Perth buyers working towards their first property, it can mean the difference between buying now and buying in three or four years. The calculator provided on money.com.au is intended for informational and illustrative purposes only. The results generated by this calculator are based on the inputs you provide and the assumptions set by us. These results should not be considered as financial advice or a recommendation to buy or sell any financial product.
And for investors, interest-only loans are often used to maximise cash flow during the early years of property ownership. There are a few core types of home loans available in WA, and the right one for you depends on your goals, income, and whether you’re buying to live in or invest. Depending on your situation, these funds can also be used to cover Keystart's fees and even your settlement agent fees. Don't worry - your broker or Keystart Home Loan Specialist will go through the fees with you and will let you know what you may be required to cover well before settlement. If you haven't owned a home before, you may be eligible for both the First Home Owner Grant, a one-off payment funded by the State Government, as well as stamp duty concession.
Perth Trusted Help for First Home Buyers
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