Getting a home loan in Perth

Rates and Fees verified correct on February 27th, 2017

Perth CityIf you’re thinking of purchasing real estate in Perth, here’s everything you need to know regarding finance and property ownership.

As the rules around property ownership vary between each Australian state or territory, it can be difficult to know what information and legislation is relevant to you.

From the first home owner grant (FHOG) to stamp duty to property and land ownership, work out what you need to know if your property is located in Perth, Western Australia.

The first home owner grant (FHOG) in Perth

Administered by the Office of State Revenue (OSR), the FHOG offers eligible purchases a one-off grant to assist with the purchase of a new home or land. First home buyers purchasing or building a new home may receive a grant of up to $10,000.

The current FHOG applies to new residential dwellings only and does not apply to established homes, vacant land, business premises, holiday houses or minor renovations to an existing home. Where a first home owner purchases a home that has undergone substantial renovations, they may be eligible to apply.

There are no income or assets tests to qualify for the FHOG.

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First home owner rate of duty

The first home owner rate (FHOR) of duty is available on transfers for eligible purchasers who:

  • Qualify for the FHOG,
  • Would otherwise have qualified for a grant had consideration been given or for the purchase of an established home,
  • Are an Indian Ocean Territory resident buying their first home

For further details of the FHOG and the FHOR of duty (including duty thresholds), visit our FHOG WA page.

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Did you know the WA government offers a $2,000 grant to cover your expenses?

The Home Buyers Assistance Account provides first home buyers with financial support. It offers a grant of up to $2,000 to cover expenses for first home buyers when they buy an established or partially built home that is valued at $400,000 or less.

The grant can be used to reimburse expenses including mortgage registration fees, conveyancing fees, valuation fees, mortgage insurance premiums and more.

For information about the criteria of funding for the home buyers assistance account, check out our FHOG WA page.

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Stamp duty in Perth

Transfer duty in Perth is a general revenue tax which is stipulated by the Duties Act 2008 on dutiable transactions including the transfer of property.

According to the Western Australian Department of Finance, transfer duty applies to dutiable transactions over a dutiable property. The most common dutiable transactions include:

  • A transfer of dutiable property or agreement for the transfer of dutiable property
  • A declaration of trust over a dutiable property
  • A foreclosure of a mortgage over a dutiable property
  • A partnership acquisition
  • An acquisition of new dutiable property

In other words: if you buy a property, you have to pay stamp duty.

The individual liable for duty must submit the transaction with the OSR within two months. This typically involves lodging the agreement that governs the transaction.

How do I pay duty?

You can pay duty through Online Duties which is an online service that enables you to assess and pay duty. To pay selected duties, visit Revenue Online on the Western Australian Department of Finance website.

Otherwise, you can pay duty by post or in person at the Georges Terrace office in Perth.

For more details about how to pay duty, visit the Western Australian Department of Finance website.

For duty rates and information about duty exemptions, visit our stamp duty WA page.

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Property and land ownership in Perth

Property ownership in Western Australia (WA) is administered by Landgate. Whether you’re buying or selling property, changing property ownership or just looking for general information, Landgate distributes all relevant application forms and information.

Changing title details

How to add or remove someone’s name from property title

If you wish to add or remove a partner as a proprietor/owner of the property (e.g. because of marriage or divorce), here’s what you need to do:

  • Complete transfer form. You’ll need to complete and submit the transfer form which you can access by using the title search on the Landgate website.
  • Present transfer to OSR. Next, ensure that the transfer has been assessed for stamp duty by OSR.
  • Organise Duplicate Certificate of Title. If the property is mortgaged, ensure the Duplicate Certificate of Title has been supplied to Landgate by the financier or otherwise ensure that you have obtained an original letter of consent from the lender.
  • Lodge transfer form. You then need to lodge the original signed transfer form (with required evidence) and ensure that the registration fee payment is provided.

For details about the paperwork required, check out our WA property ownership page.

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Buying property in Perth: Cooling off period

The law in Western Australia (WA) does not require that contracts for the purchase of real estate contain a cooling-off period. This means that you cannot get out of a contract to buy property if you change your mind.

If you do change your mind, you could potentially forfeit the total property sale price.

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Perth property market

Demand for real estate in Perth was largely stimulated by the mining investment boom in Western Australia (WA) which increased capital growth and high rental yields, however in recent years demand for property in Perth has slowed.

In 2000, the median house price in Perth was $258,000 and in 2015 it was $817,500. Below is a historic sales and growth chart for the sales and median sales price for houses in Perth.

Sales and Growth Data for Perth Chart

Source: APM PriceFinder

The main demographic profiles of those living in Perth include couples without children (68%) and couples with children (20%).

Renting is the preferred home ownership method followed by purchasing at 40% and 24% respectively.

While it’s never advised to time the market, some of the top investment suburbs for Perth according to Smart Property Investment in 2015/2016 include:

  • Clarkson
  • Forrestfield
  • Kewdale
  • Kwinana
  • Midland
  • Northbridge
  • Scarborough
  • South Perth
  • Spearwood
  • Wandi
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Need a mortgage broker in Perth?

If you need help comparing home loan options, find a local mortgage broker in Perth to help you understand your borrowing options. A broker has expert knowledge of the home loan industry so they can help you narrow down your search to find a product and lender that matches your borrowing needs.

Keep in mind that brokers typically offer their services free of charge, so it’s worth speaking to one in order to find a competitive deal.

Also, learn more about the average mortgage cost and property prices in Perth.

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How to compare home loans

From different features, benefits and fees, find out how you can compare home loans from different providers to ensure that you get the right loan for you.

Rates last updated February 27th, 2017
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Loan purpose
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.75% 3.77% $0 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84% 4.22% $0 $395 p.a. 95% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.87% 3.92% $445 $0 p.a. 90% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for Owner Occupier with 100% offset account and no application or ongoing fees.
3.73% 3.73% $0 $0 p.a. 70% Go to site More info
Switzer Home Loan
No upfront or ongoing fees and a competitive variable rate for owner occupiers.
3.89% 3.89% $0 $0 p.a. 90% Go to site More info
Auswide Bank Home Loan Plus with Freedom Package - Special Package Discount LVR <= 90% (Owner Occupier) P&I
A high maximum LVR home loan with redraw facility and additional payments.
3.79% 4.18% $0 $395 p.a. 90% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.89% 3.94% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.89% 4.79% $0 $0 p.a. 95% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.79% 3.83% $0 $0 p.a. 80% Go to site More info
ING  DIRECT Orange Advantage Loan - $150,000+ (LVR <= 80% Owner Occupier)
A fully featured home loan with an offset account and discounts available.
3.89% 4.11% $0 $199 p.a. 80% Go to site More info
3.85% 4.26% $0 $395 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.99% 4.73% $0 $0 p.a. 95% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.59% $600 $0 p.a. 95% Go to site More info
3.94% 4.33% $0 $395 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
A discounted 2 year fixed rate loan with high maximum LVR and no application fee.
3.69% 4.31% $0 $350 p.a. 95% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.89% 3.89% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.49% 4.90% $0 $0 p.a. 95% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.82% 4.17% $595 $350 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.09% 4.80% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.49% 4.95% $0 $0 p.a. 95% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
4.05% 4.08% $600 $0 p.a. 90% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
Access to redraw facility and offset account without the annual fee.
4.09% 4.09% $0 $0 p.a. 90% Go to site More info
Australian Unity Wealth Builder Investor Package Home Loan - Variable
An investment loan with no ongoing fees and borrow up to 90% LVR.
4.19% 4.22% $600 $0 p.a. 90% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier)
Enjoy a home loan with no aplication fee or ongoing fee.
4.03% 4.07% $0 $0 p.a. 95% Enquire now
3.88% 3.89% $600 $0 p.a. 90% Enquire now
Westpac Flexi First Option Home Loan - 3 Years Introductory Special Offer (New Owner Occupier, P&I)
A limited time deal for new owner occupiers. Advertised rate includes 1.03%p.a. discount for the first two years.
3.99% 4.37% $0 $0 p.a. 95% Enquire now
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 5.00% $0 $395 p.a. 95% Enquire now
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan with a low service fee.
4.19% 5.32% $0 $395 p.a. 95% Enquire now
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
4.08% 4.09% $0 $0 p.a. 95% Enquire now

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Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a partly owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. © 2016 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786. Credit services for Aussie Select and Aussie Optimizer products are provided by AHL Investments Pty Ltd ACN 105 265 861 ("Aussie") and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133. Credit for Aussie Optimizer products is provided by Perpetual Ltd ACN 000 431 827.

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Belinda Punshon

Belinda is a journalist here at finder.com.au. Specialising in the home loans and property sections, she is passionate about helping Australians improve their financial wellbeing.

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HSBC Home Value Loan - Resident Owner Occupier only

Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)

Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.

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