Entering the property market for the first time is a major milestone, but it can also be one of the most overwhelming experiences you will go through. First-time buyers in Perth are currently facing a unique set of challenges including rising house prices, limited housing supply, stricter lending policies, and economic uncertainty. On top of all this, understanding how home loans work, knowing what government grants are available, and finding the right lender can feel like a full-time job.
At Strategic Mortgages Perth, we support first-home buyers across WA by simplifying the process and offering expert guidance every step of the way. With access to over 30 lenders, deep local market knowledge, and a boutique approach to service, we have helped hundreds of Perth buyers enter the property market with clarity and confidence.
Let’s explore our top tips for buying your first home and the common traps to avoid.
Essential Tips for First-Time Buyers in Perth
1. Know How Much You Can Borrow
Before you start browsing properties, it is critical to understand what you can realistically afford. Your borrowing power will depend on your income, financial commitments, credit history, and savings. While online calculators are a useful starting point, they are often generalised and do not account for lender-specific policies or exceptions.
That is where a mortgage broker steps in. We can run a detailed borrowing power assessment that considers not only your current financial position, but also your future goals. This ensures you are not overcommitting and gives you the confidence to make offers when you find the right property.
2. Understand Deposit Requirements and Lending Criteria
Saving a deposit is one of the biggest hurdles for first-home buyers in Perth. While some lenders accept as little as 5 percent, aiming for a 20 percent deposit will unlock more competitive rates and help you avoid Lenders Mortgage Insurance (LMI). This could save you thousands.
Even if you have not reached the 20 percent mark, we can help you explore alternatives. Government schemes such as the First Home Guarantee allow eligible buyers to purchase with just 5 percent and no LMI. Other options include the WA First Home Owner Grant, parental guarantees, and lender-specific low deposit products.
We will review your situation, assess your eligibility for all relevant support options, and match you with a lender that supports your goals.
3. Get Pre-Approval Before You House Hunt
Pre-approval is a conditional approval from a lender that outlines how much you can borrow. Having this in place before you start house hunting gives you a clear budget and shows real estate agents that you are a serious buyer.
At Strategic Mortgages, we manage the full pre-approval process for you, including gathering documentation, lodging the application, and negotiating with lenders. A typical pre-approval lasts 3 to 6 months and gives you the confidence to move quickly when the right property comes along.
4. Choose a Local Mortgage Broker with Perth Expertise
When it comes to getting your first home loan, local knowledge makes a big difference. As a Perth-based brokerage, we understand WA’s property trends, regional nuances, and lending quirks better than anyone.
Unlike dealing with one bank, we compare over 30 lenders to find a loan structure that suits your goals. Whether you want an offset account, a flexible repayment plan, or access to government support, we tailor your home loan strategy to fit.
Common Mistakes to Avoid
Buying Without a Plan
Jumping into the market without a full understanding of your financial situation can be risky. You need to have a clear plan that includes your savings, income, likely repayments, and exit strategy if circumstances change. We help first-home buyers understand the full picture so you can plan with purpose.
Underestimating Additional Costs
Many first-home buyers focus only on the deposit. However, there are other upfront and ongoing costs to consider such as stamp duty, building inspections, legal fees, lender application costs, insurance, council rates, and maintenance. We will help you factor all of these into your budget.
Going Straight to One Bank
It might be tempting to apply with your existing bank, but doing so limits your options. Different banks have different lending criteria, interest rates, and policy exceptions. As independent brokers, we do the legwork for you and present the most suitable options across our panel of lenders.
Practical Money Tips from Our eBook
We have compiled some of the most actionable insights from our popular guide, 101 Tips for First Home Buyers, to help you take smart steps before and after you purchase:
- Reduce your credit card limits before applying for a loan
- Set aside weekly amounts for annual bills in a separate account
- Consider opening a joint account with two-to-sign withdrawal rules
- Borrow less than your maximum to create a buffer for rate rises
- Test your budget by “living off” your future mortgage repayment for 3 months
- Leave room in your savings for small repairs, moving costs, and furniture
- Shop around for your loan — don’t settle for the first lender
- Get pre-approval and engage a settlement agent before making an offer
- Think long-term about location, resale value, and growth potential
For more detailed advice, access the full resource: Download your free eBook
Resources and Tools for First-Home Buyers
Download Your Free First-Home Buyer eBook
Get expert advice, step-by-step guidance, and practical tips in our comprehensive home buying guide. Created specifically for first-home buyers in Perth, this free resource will help you navigate your journey with confidence. Download the eBook here
Mortgage Calculators
Estimate your loan repayments and borrowing power with our recommended calculators:
- CommBank Borrowing Calculator
- ANZ Borrowing Calculator
- NAB Borrowing Calculator
- ING Borrowing Calculator
Free Strategy Session with a Broker
If you are ready to start the process, we offer obligation-free strategy calls to help you understand your options. We will look at your deposit, borrowing power, and potential lender matches, and then outline your next steps. Book a free call today
Take the First Step with a Trusted Broker by Your Side
Getting into the property market for the first time can feel daunting, but with the right information and expert support, it becomes much more manageable. The key is preparation. Understand your borrowing power, aim for a strong deposit, get pre-approved, and avoid the most common pitfalls.
At Strategic Mortgages, we specialise in helping first-time buyers across Perth secure competitive home loans and navigate every step with clarity. We offer advice grounded in experience and backed by a wide network of lending partners. Whether you are six months away from buying or ready to purchase now, we are here to help.
Book your free strategy call and let’s get started.
