First Home Buyers Perth
Purchasing Your First Home?
Purchasing your first home is a big decision that is not to be taken lightly. At Whiteroom Finance, we’ll help to explain the different home loan options available to you, the buying process and various government grants you may be eligible for.
Find Out If You’re Eligible For Government Assistance Schemes
Why Choose Whiteroom Finance When Buying Your First House
We know that buying your first home is a lengthy, daunting process but you can rest assured knowing the knowledgeable team of home lending specialists at Whiteroom Finance will assist you every step of the way, from initial consultation to final key handover. Your home finance manager will support you closely as a singular point of contact to answer any questions or queries you may have during this exciting chapter of your life. We pride ourselves on being a customer-centric finance broker and take great joy in helping our valued clients acquire their first homes.
WA First Home Buyer Grants
Regardless of if you’re in the market to buy or just researching your options, it is important to understand what Government support is available to you. The various State Governments offer a range of grants and incentives that save you money.
First Home Owners Grant (FHOG)
Western Australia’s FHOG is worth $10,000 when you build a brand-new home – but bear in mind there are limits on the amount you can pay for your first home to retain your eligibility.
If you are located south of the 26th parallel – which is all of WA south of around Shark Bay – you can claim the FHOG WA if the cost of land and construction is up to $750,000.
If you build a home north of the 26th parallel, you are eligible to claim the FHOG providing the value of the house is equal to or less than $1 million.
The WA FHOG grant is no longer available when buying established homes, however you may be eligible for stamp duty savings.
First Home Guarantee and Family Home Guarantee Scheme (FHBG)
Under the FHBG, a portion of an eligible first home buyer’s home loan from a participating lender is guaranteed by the National Housing Finance and Investment Corporation (NHFIC). This helps to enable an eligible home buyer to purchase their first home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).
First Home Super Saver Scheme (FHSS)
The First Home Super Saver scheme can be used by first home buyers to save money within their superannuation fund to assist in purchasing their first home. The FHSS can be used to purchase both new and existing homes within Australia.
First Home Buyers Assistance
The Home Buyers Assistance Account provides a grant for reimbursement of some of the incidental charges incurred when purchasing a first home in Western Australia.
Applicants who meet the criteria for eligibility can receive a grant of up to $2,000.
Keystart
Keystart helps eligible people by their own homes with an affordable pathway. Keystart home loans have lower entry costs, lower deposit requirements and no lenders mortgage insurance. Keystart provides both full and shared ownership home loans.
Stamp Duty Exemptions
As a first home buyer you are exempt of paying stamp duty for an established property up to a value of $430,000 and for properties valued between $430,000 and $530,000 there is discounted stamp duty fees.
If buying land to build on the exemption applies on land valued at up to $300,000 with discounted Stamp Duty applicable for land valued at between $300,000 – $400,000. You may need to pay the stamp duty at purchase and claim a refund if buying land without a related building contract in place
If you purchase a property worth more than this, you will be required to pay full stamp duty rates. Please note that the property purchased must be used a primary place of residency.
The Whiteroom Home Loan Process
Whiteroom Finance has a streamlined approach to finding you the right loan, where we do all the heavy lifting for you. You can read an in-depth explanation of this process here.
Initial Contact & Understanding Your Needs
Once we collect some basic information from you, we will make contact with you to better understand your financial situation, the type of loan you need, and the loan options you may qualify for.
Meeting & Identification
Once we have a better understanding of your situation, we will arrange a meeting (face-to-face preferred) where we can discuss your position in more detail, fulfill our identification requirements and provide you the chance to ask any questions you may have at this point. Your broker will assess the options available from our 30+ lenders and present you a personalised recommendation plan – we call it The Game Plan.
Preparing Your Application & Lender Assessment
Once you have identified a lender you would like to work with, your broker will complete an application on your behalf using the information you have provided. You’ll need to check all information is correct and sign when you are happy.
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.
If there are additional requirements, your broker will be in touch.
Unconditional / Formal Approval
Once all the conditions have been met by the lender, your broker will receive written approval. We’ll be in touch to congratulate you!
Loan Document Issue & Completion
Your lender will issue you with a complete set of mortgage documentation. Providing you are happy with the terms; this documentation will need to be signed and returned directly to the lender within 5 days.
Loan Settlement
Your solicitor / conveyancer will prepare the necessary paperwork and contact the lender to arrange settlement. Once the paper work is in place you can draw down the loan and property ownership will be transferred to you.
Interstate Schemes & Grants
Availability of Government assistance grants and schemes will vary depending on which state you are buying or building a home in. Eligibility requirements differ from state to state. It is best to talk to your broker about the options available to you.
New South Wales
Grants available include:
- First Home Guarantee Scheme and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
- First Home Buyer Assistance Scheme
Maximum total support available: $10,000 + tax & insurance savings
Australian Capital Territory
Available schemes include:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- Home Buyer Concession Scheme
Maximum total support available: $34,790 + other tax & insurance savings dependent on property value
Victoria
Assistance packages include:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
- Homebuyer Fund
- Stamp duty savings
Maximum total support available: $10,000 + tax & insurance savings
South Australia
Grants offered include:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
- HomeStart
Maximum total support available: $25,000 + insurance savings
Tasmania
Subsidies available include:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
- Stamp duty savings
Maximum total support available: $30,000 + tax & insurance savings
Queensland
Assistance packages available:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
- Queensland housing finance loan
- Stamp duty savings
Maximum total support available: $15,000 + tax & insurance savings
Northern Territory
Schemes offered include:
- First Home Guarantee and Family Home Guarantee Scheme
- First Home Super Saver Scheme
- First Home Owner Grant
Maximum total support available: $10,000 + insurance savings
Why Choose Us?
Whiteroom Finance is a customer-centric finance broking firm where no one is a number, and everyone is a valued client. We pride ourselves on providing personal, high-quality service to all clients from large scale businesses to first-time borrowers. At Whiteroom Finance, we deliver tailored solutions specifically to suit your needs and goals.
Experience the Whiteroom Finance Difference
What Our Customers Think:
Frequently Asked Questions
How Do I Know if I’m Eligible?
You can utilise a number of tools to find out your eligibility in WA:
What Documentation Do I Need To Provide?
Below is the list of initial documents that most lenders will ask for (note that we may require more along the journey):
Standard documents include:
- Certified Identification (e.g. Current Driver’s License and Passport)
- Bank statements for all transaction accounts, loans, credit cards and buy now pay later (BNPL) facilities (e.g. Afterpay) for the last six months
- Proof of income;
- Two most recent consecutive payslips showing year-to-date earnings
If you’re self-employed:
- Your 2 most recent personal Tax Returns and Notice of Assessment
- Tax returns and Financial Statements for your business for the last 2 years.
What are the extra costs involved in buying a home?
Stamp duty and lender’s mortgage insurance (LMI), if applicable, are two of the most significant additional costs to consider when purchasing your first property, since they can add thousands to the total cost. There are a variety of upfront and recurring fees that may also apply, such as:
- Legal and conveyancing fees
- Water and council rates
- Home and contents insurance
- Regular maintenance and repairs
- Mortgage registration fees
- Application and annual mortgage fees
- Valuation fees
- Redraw and offset fees
- Discharge and break fees