Guide · First home buyers
Your first home in WA: a decision-by-decision guide
Work from a realistic budget to finance, contract and settlement steps without treating conditional approval or support schemes as guarantees.
A first purchase becomes easier to manage when the order of decisions is clear. Start with household cash flow and available funds, then assess lending, research current assistance, understand the contract and only commit when the finance and legal risks are understood.
This guide is general information for buyers in Western Australia. Government rules, lender policy and property costs change, so use the official sources and obtain advice for the property and contract you are considering.
1. Set a comfortable purchase range
Begin with the repayment and ownership costs your household can sustain, not a property listing or a maximum borrowing estimate. Include regular living costs, existing debt repayments, council rates, strata levies where relevant, insurance, maintenance and a cash buffer.
Test how the budget responds if rates or expenses rise. A lender's assessment applies its own policy and buffers, but you still need a personal view of what is comfortable.
- Document net household income and recurring expenditure
- Allow for costs that begin after settlement
- Keep emergency funds separate from purchase funds where possible
- Choose a working range rather than one exact maximum
2. Separate the deposit from buying costs
Your available funds may need to cover more than the deposit paid under the contract. Transfer duty where applicable, settlement services, inspections, lender charges, moving and immediate property costs can all draw on cash.
The deposit requested under a sale contract is not necessarily the same as the equity contribution a lender requires. Ask your settlement agent or lawyer how contract funds will be handled and ask the broker how the lender will calculate the contribution.
3. Check current support directly at the source
WA and Australian Government programs may assist eligible first-home buyers through a grant, duty treatment or a home-loan pathway. They are separate programs with separate applicant, property and timing rules.
Do not rely on an old threshold, a social post or another buyer's experience. Check the current official pages for the intended property and application date. A scheme's eligibility decision is separate from a lender's credit approval.
4. Treat pre-approval as conditional
A pre-approval can test a proposed borrowing scenario and help focus the property search. Ask what information has been verified, what conditions remain and when the approval expires.
Final approval can still depend on updated circumstances, lender policy, the valuation and whether the specific property is acceptable security. Avoid new credit or material financial changes without discussing the possible effect.
5. Research the property and understand the offer
Inspect the property, investigate issues that matter to you and arrange appropriate professional inspections. In WA, an accepted offer and acceptance can create a binding contract. Finance, inspection and other conditions need careful drafting and deadlines.
The selling agent acts for the seller. Use an independent settlement agent, lawyer or other qualified adviser for contract and property questions. Auction and unconditional offers carry additional finance risk because lender approval may still be incomplete.
6. Move from contract to final approval and settlement
Give the broker the complete signed contract promptly. The lender may order a valuation, verify outstanding information and issue a formal approval and loan documents. Read the documents and ask questions before accepting them.
Your settlement representative coordinates the legal transfer. Confirm insurance, funds needed, the first repayment, account access and any offset link. Keep the final loan and settlement records together.
Frequently asked questions
Questions, answered clearly
General answers are a starting point. Your lending options depend on your circumstances.
What should a first home buyer do first in WA?
Start with a realistic household budget, deposit and buying-cost position. An early lending discussion can then test assumptions and identify document or policy issues before you commit to a property.
Are first-home grants and duty concessions the same?
No. They are distinct forms of support and can have different eligibility, property and application rules. Check RevenueWA's current information for each and do not assume eligibility for one establishes eligibility or payment under another.
Should I sign an offer before finance is approved?
Signing can create a binding contract. Conditional pre-approval is not final approval. Obtain independent advice on finance and other contract conditions before signing, and understand the risk of an auction or unconditional offer.
Who handles settlement in WA?
A licensed settlement agent or lawyer generally handles the legal settlement work for a buyer. A mortgage broker coordinates the lending side but does not replace legal or conveyancing advice.
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