The Essential WA First Homebuyer Checklist: 8 Questions to Ask Before You Dive In

It’s an exciting time to enter the real estate market.

In Western Australia, areas such as Mundijong in Perth’s south-east are proving popular with first home buyers looking for affordability and an attractive rural lifestyle.

In the north of the city, Mariginiup and Bullsbrook offer solid growth opportunities.

With that of the Australian government 5% down payment arrangement* (an extension of the former Home Guarantee Scheme) that came into effect last month, purchasing a first home has become more accessible.

Data shows that applications for the scheme have increased by 39.2% since the scheme was expanded on October 1. This shows how many starters are making their switch.

8 questions to ask before you take the plunge

If you’re a first-time home buyer looking to enter the market, your mind may be full of countless questions.

To help limit this, the team at Homebuyers Center WA has worked with their partners solving finances, have created a checklist of the most important questions to consider before starting your journey.

Homebuyers Center are the first housing experts with finance, land and home all under one roof.

Here are eight common questions first home buyers ask.

1. What can I actually afford?

Homebuyers Center WA sales manager Scott Watson says a financial broker can help assess your financial situation and work with you to create a realistic budget and get you financially ready before you start hunting for property.

An agent can also indicate whether you qualify for stamp duty exemptions or government initiatives.

“First home buyers choosing to build their first home will need to consider their land deposit and their building deposit,” Watson adds.

“Both can vary depending on the developer and builder.”

Finance brokers like Resolve Finance can help first home buyers understand the costs associated with building a new home.

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2. Should I buy an established asset or build it from scratch?

Mr Watson says the decision is personal and comes down to your individual situation and needs.

“The benefits of building your own home mean you get a brand new home, with new warranties (and) a design you really love,” he says.
“You will have to wait to receive your keys, however.”

If getting into a home quickly is a priority, buying an established property may be the best choice. Please note that this may still involve months of auctions and bidding.

3. Where are first home buyers getting real value today?

Mundijong is approximately 45 minutes from Perth’s CBD and is popular among first home buyers.

The median house price is $756,000 and the suburb has a compound annual growth rate of 12.2%, according to data from realestate.com.au.

Mariginiup and Bullsbrook are also hotspots, both within 40 minutes of the CBD.

According to data from realestate.com.au, average house prices are $1,457,500 and $759,000 respectively, with Mariginiup recording 16.6% growth and Bullsbrook an impressive 21.4%.

“Upcoming master-planned communities in these areas will enable first home buyers to enter the market with affordable land options and provide the security and benefits of thriving communities of the future,” Mr Watson said.

With help from the experts, first home buyers can find affordable neighborhoods across Western Australia.

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4. What type of home suits my lifestyle and budget?

Mr Watson recommends separating the essentials from the nice-to-haves.

“Really understanding the needs and wants can help you set expectations for your new home and ensure you don’t miss out on the things you need to make your house a home,” he says.

Homebuyers Center WA offers a range of designs suitable for different lifestyles and budgets.

5. How can I secure financing without taking on too many obligations?

Using a professional broker to match the right financing options to your needs is key to avoiding overspending.

If you’re building, look for a broker who specializes in construction financing, such as Resolve Finance.

Some agents, such as Resolve Finance, specialize in construction finance and can better help first home buyers budget for their new build.

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6. What support or grants can I access in WA?

There are several initiatives to help first home buyers enter the market.

The First Home Super Saver Scheme* allows additional voluntary super contributions to save faster and benefit from lower taxes, ultimately buying or building your first home.

The Australian Government’s 5% Deposit Scheme supports low deposit buyers, single parents or legal guardians who can purchase with a deposit from as little as 2%.*

The First Home Owner Grant (FHOG) offers a one-time payment of up to $10,000* for eligible applicants purchasing or building their first new home.

“Always talk to your agent to see what you may qualify for,” says Mr Watson.

7. Who do I need on my team?

Buying your first home can be difficult, so you need a professional team to support you.

Together with their partners at Resolve Finance and Parcel Property, Homebuyers Center WA guides clients from financing, land selection and home design to post-settlement care.

Having experts like Homebuyers Center WA and Resolve Finance on your side can make the journey to building your first home easier.

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8. What’s the one thing most first-time home buyers forget to ask?

Mr Watson says an overlooked question is: “What am I not getting?”

“The market is filled with noise around inclusions and promotions, transparency means clearly understanding what is included and what is not, so there are no surprises,” he says.

Homebuyers Center WA has made their first home possible for more than 30,000 Australians, with a dedicated team helping them navigate their first home journey in three simple steps: Finance, Land and Home.

Disclaimer

*Eligibility at the discretion of the state and/or federal government. For more information, please refer to the government websites: https://firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme, www.wa.gov.au/organisation/department-of-finance/fhog

The lender’s terms and conditions apply. Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit License No. 385487.