Buying a House in WA: the Smart Ways to Secure Your Perth Property

Article Highlights

• Get pre-approved for finance before you start your property search to understand your true borrowing power.
• WA offers unique benefits for first home buyers, including zero transfer duty on homes up to $500,000 and a $10,000 grant for new builds.
• Building and pest inspections are critical in Western Australia due to common structural issues like limestone walls and termite activity in older homes.

If you’re thinking about buying a house in Western Australia, you’re joining thousands of others navigating one of Australia’s hottest property markets right now. Getting your finances sorted and understanding the buying process makes all the difference.

A Checklist For Buying A House In Western Australia

This checklist walks you through the essential steps, costs, and timelines to help you secure the right property at the right price.

Know Your Borrowing Power and Get Pre-Approval

Before you attend a single home open, talk to a mortgage broker or lender about your borrowing power. Your pre-approval tells you exactly what you can afford and shows sellers you’re a serious buyer.

Most lenders will look at your income, existing debts, living expenses and deposit size. If you’ve saved less than 20% of the purchase price, you’ll likely pay lenders’ mortgage insurance (LMI). For a Perth property at the median price of $687,000, paying LMI on a 10% deposit costs around $16,880. A 15% deposit drops that to roughly $8,200.

Some lenders waive LMI for certain professions or through the Federal Home Guarantee scheme for eligible first home buyers, so ask your broker about loan options that suit your situation.

Understand the WA Property Market

Perth’s property market is tight. If you’re new to the market or time-poor, working with a buyer’s agent in Perth gives you access to off-market properties and expert negotiation support. Our experienced team of buyer’s agents act solely in your best interests, never for the seller.

Start Your Property Search and Attend Home Opens

Once you’re pre-approved, begin your property search in earnest. Attend open homes on weekends, browse online listings and register with real estate agents in your target suburbs.

Make a list of must-haves (bedrooms, location, land size) and nice-to-haves (pool, garage, study). With properties moving fast, you need to decide quickly when the right property appears.

A home buyer agent can shortlist properties that match your criteria, arrange private inspections, and alert you to opportunities before they hit the market. That early access can be the difference between securing your first house and missing out.

Do Proper Building and Pest Inspections

Never skip the building and pest inspection. In WA, common structural issues include limestone retaining walls, coastal corrosion, and termite activity in older timber-frame homes. A combined inspection costs between $550 and $750 in Perth and takes seven to 14 days to complete once your offer is accepted.

The inspection report will highlight any defects, safety hazards or pest damage. If serious issues come up, you can renegotiate the purchase price, ask the seller to fix them or walk away if your contract includes a building-and-pest clause.

Don’t rely on the real estate agent’s assurances. Get an independent professional to check the property thoroughly before you commit.

Be Thorough With The Offer and Private Treaty Contract

Most Perth homes sell by private treaty, meaning you make an offer directly to the seller through their agent. Your offer should include conditions such as “subject to finance approval” and “subject to satisfactory building and pest inspection.”

Here’s something critical: Western Australia does not have a statutory cooling-off period for residential property purchases. Once you sign the Offer and Acceptance, you’re legally bound unless you’ve included specific escape clauses. That’s why getting pre-approval and inspections done quickly is so important.

Your settlement agent or conveyancer will review the contract, check title searches and explain your obligations before you sign. Take their advice seriously.

Know What WA Buyers Pay On Transfer Duty, Grants, and Ongoing Costs

Transfer duty (also called stamp duty) is one of the highest upfront costs when buying property in Western Australia. The good news? First home buyers get generous concessions under the First Home Owner Rate (FHOR):

• Homes up to $500,000: $0 transfer duty
• Homes between $500,001 and $700,000 (Metro and Peel): concessional rate of $13.63 per $100 above $500,000 (maximum around $27,260)
• Homes over $700,000: full general duty rates apply

If you’re buying a new build or substantially renovating an existing home, you may also qualify for the $10,000 First Home Owner Grant (FHOG). The price cap is $750,000 south of the 26th parallel (which includes Perth) and $1 million in the north.

Don’t forget ongoing costs once you become a homeowner:

• Council and water rates: $1,800 to $3,500 per year, depending on suburb and land size
• Land tax: only applies if the property isn’t your principal place of residence or if your total unimproved land value exceeds $300,000
• Strata levies: around $720 per quarter for units and townhouses in Perth

Choose Between A Mortgage Broker and a Bank Wisely

Should you go straight to your bank or use a mortgage broker? A broker compares loan options from multiple lenders, often finding better interest rates or features you wouldn’t get on your own. They can also help you structure your home loan to minimise paying lenders’ mortgage insurance.

If you’re a first home buyer with a smaller deposit, ask about the Federal Home Guarantee, which lets eligible buyers purchase an established home with just a five per cent deposit without paying mortgage insurance.

Review your home loan repayments carefully. Even a 0.25% difference in interest can save you thousands over the life of the loan.

Be Patient With Finance Approval Until Settlement Day

Once your offer is accepted and all conditions are met, the settlement process begins. In WA, the typical settlement period is 28 days from finance approval to settlement day, though 45 to 60 days is common if banks are slow with final approvals.

Your settlement agent coordinates with the seller’s agent, the lender and the Land Titles Office to transfer ownership. On settlement day, the balance of the purchase price is paid, the title transfers to your name, and you receive the keys.

Make sure you’ve organised home and contents insurance before settlement, arranged utilities and booked removalists if needed. Your settlement agent will guide you through every step so nothing gets missed.

Take the Stress Out of Buying a House in WA With You&Me

Buying a home in WA doesn’t have to be overwhelming. With the right preparation, a clear checklist, and expert support, you can secure your first property or next investment with confidence.

At You&Me Personalised Property Services, we search, evaluate and negotiate so you secure the right property at the right price. Our buyer-first approach means we never act for vendors, and our You&Me Guarantee gives you peace of mind throughout the entire buying process.

Get in touch with us today, and let’s find your Perth property together.