Buying your first home is equal parts exciting and terrifying — mostly because nobody explains the whole thing in order. This guide does. It's written for WA buyers, current as at July 2026, and every figure links to the government source it came from.
What help can WA first home buyers get in 2026?
Three big supports stack together, and many buyers qualify for more than one:
| Support | What you get | Cap (Perth) | Applies to |
|---|---|---|---|
| 5% Deposit Scheme | Buy with 5% deposit, no LMI, no income caps | $850,000 | New & established |
| Stamp duty exemption | $0 transfer duty to $600k; discounted to $800k | $800,000 | New & established |
| First Home Owner Grant | $10,000 cash | $800,000 | New homes only |
Sources: Housing Australia (scheme caps, current since 1 October 2025), WA Government (duty thresholds, effective 7 May 2026), RevenueWA (FHOG).
The 5% Deposit Scheme changed dramatically in October 2025: income caps were removed and places became unlimited. If you were told you "wouldn't qualify" before then, check again — the rules that excluded you may be gone.
How much do I actually need to save?
For a $600,000 established home using the 5% Deposit Scheme:
- Deposit (5%): $30,000
- Stamp duty: $0 (exempt under $600,000)
- Settlement costs (conveyancing, registration, inspections): roughly $2,000–$3,000
Total: around $33,000. Without the scheme you'd need a 20% deposit ($120,000) to avoid LMI — which is why the scheme matters so much.
If you're building new, the $10,000 FHOG effectively refunds a chunk of your costs, and you only pay duty on the land (exempt up to $450,000).
What can I actually afford?
Two different numbers matter, and mixing them up causes heartbreak:
- What lenders will give you — your borrowing power, assessed at the interest rate plus a 3% buffer. Use our borrowing power calculator for a realistic estimate.
- What you can comfortably repay — your real-life budget with room for rate rises, car repairs and a life.
A good broker starts with number 2. Perth's median dwelling value reached about $1.05M in June 2026 (Cotality), but plenty of quality first homes transact well under the $600,000 duty-free threshold — particularly apartments, villas, and houses in growth corridors north and south of the city.
What's the step-by-step process?
- Get your numbers straight (week 1). A broker confirms your borrowing power, checks your eligibility for all three supports, and gets you pre-approved — usually within 1–3 business days of documents.
- House-hunt with pre-approval (your pace). Pre-approval means you know your ceiling and sellers take you seriously. It typically lasts 90 days and can be refreshed.
- Make an offer, subject to finance. The finance clause protects your deposit if the loan falls through. Your broker manages the lender's deadlines from offer to unconditional approval (usually 2–3 weeks).
- Settlement (about 4 weeks after the offer). Your settlement agent and broker coordinate the transfer. You get the keys; the FHOG (if building) is usually paid at first construction drawdown.
The five mistakes we see first home buyers make
- Maxing the budget on day one. Borrowing your absolute ceiling leaves nothing for rate rises. Leave a buffer.
- Skipping pre-approval. Falling in love with a home you can't finance is avoidable pain.
- Applying with multiple lenders "to compare". Every application touches your credit file. Compare first (that's what brokers do), apply once.
- Forgetting the ongoing costs. Rates, insurance, strata (for apartments/villas), maintenance — budget them before you buy, not after.
- Assuming the bank's word is final. Lender policies differ wildly on casual income, small deposits and new ABNs. A "no" from one lender often just means "wrong lender".
Should I buy established or build new?
Established: move in sooner, buy in older suburbs closer in, pay no duty under $600,000 — but no FHOG.
Build new: get the $10,000 FHOG, duty only on the land (exempt to $450,000), everything under warranty — but construction takes 12–18 months and you'll usually pay rent while you build.
There's no universally right answer; it's a timeline-versus-money trade-off we model for buyers side by side, free.
Figures verified 19 July 2026 against the sources linked above. Grant and duty settings change with state budgets — always confirm current settings before committing.