First Home Buyer Checklist Perth, The 2026 Guide
Perth first home buyers have more going for them right now than most realise. The metro house median sits at around $880,000, yet a wide range of growth corridor suburbs still come in well under the $850,000 First Home Guarantee cap, meaning genuine choice in where you buy.
The combination of government schemes available to Perth buyers can stack significantly. Whether you're buying in Baldivis- Ellenbrook or Aveley across Perth's growth corridors, the right preparation makes all the difference.
Launch Finance helps first home buyers across Perth navigate their options and compare loans from our wide panel of lenders, completely free of charge.
Below, we'll walk you through your complete first home buyer checklist for 2026, from calculating your deposit to securing pre-approval and making your first offer.
Key takeaways
- First home buyers can buy with a 5% deposit under the Home Guarantee, no LMI.
- WA stamp duty is now fully waived on properties up to $600,000 for first home buyers.
- The $10,000 WA FHOG applies to new homes under $800,000 in the Perth metro area.
What makes Perth different for first home buyers in 2026?
Perth remains one of Australia's more accessible capital city markets for first home buyers. Many growth corridor suburbs offer quality homes well under the $850,000 First Home Guarantee cap, and WA's state schemes layer on top of federal ones in ways that aren't available elsewhere.
What sets Perth apart is how government schemes stack together. You can combine the First Home Guarantee with WA's stamp duty exemption, and if you're buying a new build, add the $10,000 First Home Owner Grant on top. This combination can save you well over $40,000 compared to buying without any assistance.
How much deposit do I actually need to buy in Perth?
You need as little as 5% deposit thanks to the First Home Guarantee scheme. This means $42,500 on an $850,000 purchase, with no lenders mortgage insurance (LMI) to pay.
If you prefer a conventional loan, you can buy with 10% deposit plus LMI, or save 20% to avoid LMI entirely. However, most first home buyers in Perth use the 5% First Home Guarantee option because it gets you into the market faster without the LMI cost that would otherwise apply. Keystart is another WA option: a government-owned lender that lends from a 2% deposit with no LMI, though at a higher variable rate (around 7.6% p.a. as of mid-2026) and is best treated as a transitional lender while you build equity.
What government schemes can Perth first home buyers use?
Schemes available to first home buyers in Perth:
- › First Home Guarantee (5% Deposit Scheme): 5% deposit, no LMI, up to $850,000 purchase price in Perth metro. No income caps or place limits as of October 2025.
- › WA Stamp Duty Exemption: full exemption on properties up to $600,000 for first home buyers in Perth metro (threshold lifted from $500,000 in the 2026-27 WA Budget; commencement ~28 July 2026). Sliding concession applies from $600,001 to $800,000. Can save up to $18,000.
- › WA First Home Owner Grant:$10,000 for new homes under $800,000 in Perth metro (cap lifted from $750,000 in the 2026-27 WA Budget; commencement ~28 July 2026). Applies to newly built homes, house-and-land packages and off-the-plan apartments.
- › Off-the-Plan Stamp Duty Concession: 100% concession on pre-construction contracts up to $800,000 (capped at $50,000), extended to 30 June 2028 and now covering units, villas and townhouses as well as multi-tiered apartments. Highly relevant for apartment buyers in inner Perth suburbs.
- › Family Home Guarantee: for eligible single parents, 2% deposit, no LMI, up to $850,000. Does not require first home buyer status; you must be genuinely single.
- › Help to Buy: shared equity scheme open from December 2025. Government contributes up to 40% equity on a new home (30% on established), buyer needs 2% deposit. Income caps apply: $100,000 single, $160,000 couple. Cannot be combined with the First Home Guarantee.
- › Keystart: WA Government low-deposit lender, 2% deposit and no LMI, income cap $155,000 single / $228,000 couple (from April 2026), property cap $860,000. Higher variable rate, so typically a stepping-stone before refinancing to a mainstream lender.
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What does the first home buyer approval process look like in Perth?
Step 1: Talk to us
Get in touch and we'll assess which government schemes you qualify for, what your borrowing capacity looks like, and which lenders offer the best fit for your situation.
Step 2: Set your realistic budget
We'll calculate your maximum borrowing capacity and help you understand the total cost, including purchase price, stamp duty, legal fees, building inspections, and ongoing costs. This prevents disappointment when you find the perfect home outside your actual budget.
Step 3: Choose your deposit strategy
We'll compare the First Home Guarantee (5% deposit) against conventional options and Keystart, factor in any government grants you qualify for, and recommend the approach that gets you into your chosen suburb fastest with the lowest overall cost.
Step 4: Get pre-approved
We'll submit your application to the lender that offers the strongest terms for your situation. Pre-approval gives you a firm budget and shows sellers you're a serious buyer when you make an offer.
Step 5: Find your property and make an offer
With pre-approval in hand, you can bid at auctions or negotiate on private sales with confidence. We'll coordinate with your solicitor to ensure all conditions are met within the settlement timeline.
Step 6: Finalise and settle
We'll arrange the final loan approval, coordinate with your solicitor and the seller's team, and ensure settlement proceeds smoothly. Your keys and your new home are the end result.
What mistakes do Perth first home buyers commonly make?
The biggest mistake is walking into your existing bank first without comparing your options. Your bank sees your everyday transactions and current account balance, but they don't necessarily offer the most competitive rate or the best assessment of your income for borrowing purposes.
Many first home buyers also underestimate the stacking potential of government schemes. You might qualify for the First Home Guarantee, WA stamp duty savings, and the First Home Owner Grant simultaneously, but only if you understand the eligibility rules and purchase the right type of property in the right way.
Which Perth suburbs work best for first home buyers?
The best suburb for you depends on your deposit, your commute, and whether you qualify for stamp duty savings. Growth corridor suburbs often sit under the $600,000 full stamp duty exemption threshold (for units) or within the $800,000 concession ceiling for houses, and well within the $850,000 First Home Guarantee cap.
Suburb options by buyer type:
- › Growth corridor suburbs: Baldivis, Ellenbrook, Aveley, Byford - new builds, family-friendly, often under stamp duty thresholds.
- › Northern coastal: Alkimos, Yanchep- beachside lifestyle, METRONET connections, strong growth potential.
- › Established family suburbs: Cannington, Thornlie- train stations, shopping centres, more affordable entry points.
- › Inner apartments: East Perth, Maylands- units from $500,000-$600,000, close to the city, off-the-plan concessions available.
| Like to know which banks & lenders work best for your first home? Know where you really stand and what's possible, so you can plan with total confidence. 5.0 on Google
Local experts
Free service
Prefer to talk now? Call 08 9367 4222 |
Frequently Asked Questions
How much deposit do I need as a first home buyer in Perth?
As little as 5% with the First Home Guarantee scheme. This means $42,500 on an $850,000 purchase, with no LMI to pay on top. Keystart offers a 2% deposit option for eligible buyers, though at a higher variable rate.
Can I combine government schemes as a first home buyer in WA?
Yes, several schemes stack together. The First Home Guarantee combines with WA stamp duty savings and the $10,000 First Home Owner Grant for eligible new builds. Help to Buy cannot be combined with the First Home Guarantee, so you choose one or the other.
Do I qualify for stamp duty exemption in Perth?
First home buyers in Perth metro pay no stamp duty on properties up to $600,000 (threshold lifted from $500,000 in the 2026-27 WA Budget, commencing ~28 July 2026). A sliding concession applies from $600,001 to $800,000. The exact saving depends on your purchase price.
What is the First Home Guarantee price cap in Perth?
$850,000 for Perth metro, with no income caps or place limits as of October 2025. This covers a broad range of suburbs across Perth and gives you genuine choice in where you buy.
Should I buy new or established as a first home buyer in Perth?
Both work, but new builds qualify for the additional $10,000 First Home Owner Grant if under $800,000 in Perth metro (cap lifted from $750,000 in the 2026-27 Budget). Established homes often offer more choice in inner suburbs. Your best option depends on your priorities and budget.
Should first home buyers in Perth use a mortgage broker or go to their bank?
A mortgage broker, every time. Banks only offer their own products, while brokers compare across a wide panel of lenders to find the best rate, features, and scheme eligibility for your situation. For first home buyers especially, the difference in government scheme knowledge and lender policies can save thousands.
How long does first home buyer approval take in Perth?
Pre-approval typically takes 3-7 days once we have your documents. Final approval after you find a property takes 1-2 weeks. Starting the process early means you can move quickly when you find the right home.
Your Next Steps
Getting your first home loan right sets the foundation for years of repayments ahead. The difference between lenders in rate, features, and ongoing fees can be thousands of dollars over the life of your loan, which is exactly what a broker comparison is designed to find for you.
Ready to find out which lenders and schemes give you the strongest start? Contact the Launch Finance team for a free consultation or call 08 9367 4222. We'll assess your situation across our wide panel of lenders and identify the best combination of loan and schemes for your deposit, income, and suburb preferences.
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Launch Finance · General information only - this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions.
