Getting a home loan in Perth

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 May 20th, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.69%
3.69%
$0
$0 p.a.
80%
Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply). Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.64%
3.67%
$0
$0 p.a.
80%
A mortgage with a competitive variable rate, limited fees and plenty of flexibility.
3.69%
3.69%
$0
$0 p.a.
70%
Pay no application or ongoing fees and get a flexible loan with the ability to split up to 6 times.
3.64%
4.03%
$0
$395 p.a.
80%
New borrowers or refinancers from another lender get a discounted rate with this package loan.
3.64%
3.84%
$0
$0 p.a.
70%
Enjoy all the benefits of the Basic Home Loan and take advantage of an offset account.
3.58%
4.62%
$0
$299 p.a.
95%
Let the experts help you get a mortgage. Speak to a broker about this sharp fixed rate loan and compare many other mortgage offers from across the market.
3.68%
3.83%
$0
$10 monthly ($120 p.a.)
80%
Get a 100% offset account to save on interest charges, and pay no application fee.
3.69%
3.71%
$0
$0 p.a.
80%
A low rate variable home loan offer with no monthly fees or application fee charge.
3.69%
4.06%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.70%
4.13%
$0
$395 p.a.
90%
Package your loan with an eligible credit card for discounts on rates and fees, and get a 100% offset account.
3.79%
3.79%
$0
$0 p.a.
80%
Pay no application and ongoing fees with Macquarie Bank Basic Home Loan.
3.52%
3.53%
$0
$0 p.a.
80%
Go from application to approval in as little as 20 minutes with a variable rate loan from this innovative online lender. Add a 100% offset account for $10 a month.
3.79%
4.06%
$0
$20 monthly ($240 p.a.)
80%
Add a Platinum Rewards Mastercard with this package loan and you could earn 150,000 Bendigo reward points (Victoria only, terms and conditions apply).
3.69%
4.86%
$0
$395 p.a.
90%
Start your home buying journey with 2 years of fixed repayments and a reasonable rate from a big 4 bank. Available with a 10% deposit.
3.77%
3.81%
$200
$0 p.a.
95%
A simplified mortgage with a low interest rate and a redraw facility.
3.68%
3.69%
$0
$0 p.a.
95%
This variable rate loan offers flexible repayments and a redraw facility. Available with a 5% deposit.
3.69%
3.73%
$600
$0 p.a.
95%
Variable rate home loan from one of the big 4 banks. Available with just a 5% deposit.
3.58%
3.58%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.64%
3.64%
$0
$0 p.a.
70%
A basic variable home loan that offers a competitive interest rate with no application fees and no ongoing fees.
3.68%
3.69%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
3.87%
3.87%
$0
$10 monthly ($120 p.a.)
90%
Get Virgin Velocity Points at settlement, monthly and every three years, plus the option to make up to $10,000 a year in extra repayments.
3.69%
3.74%
$600
$0 p.a.
80%
A competitive variable rate for borrowers with a 20% deposit or more. Guarantor option available.
3.69%
4.04%
$0
$350 p.a.
95%
A competitive rate with no application fee.
3.69%
4.11%
$0
$395 p.a.
80%
Save on interest with a 100% offset account and save on other ME products with this package loan.
3.65%
3.66%
$0
$0 p.a.
80%
This special rate loan comes with no application or ongoing fees, and offers a flexible repayment schedule.
3.96%
3.98%
$350
$0 p.a.
90%
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
3.74%
3.74%
$0
$0 p.a.
80%
A basic owner-occupier home loan with a low variable rate that requires a 20% deposit.
3.69%
3.94%
$0
$248 p.a.
70%
Get a sharp rate and a 100% offset account. Borrowers must have a 30% deposit.
3.62%
3.62%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).
3.59%
3.99%
$0
$395 p.a.
90%
A high maximum LVR home loan with redraw facility and additional payments.
3.62%
3.62%
$0
$0 p.a.
95%
Free home and contents insurance for 1 year. Terms and conditions apply. QLD residents only.
3.73%
3.73%
$0
$0 p.a.
80%
Get a 100% offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
3.79%
3.83%
$600
$0 p.a.
80%
A low interest rate loan with limited fees and a redraw facility. Principal and interest repayments only.
3.78%
3.78%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.81%
3.81%
$0
$0 p.a.
80%
A home loan with a competitive rate and plenty of handy features. This product comes with a 100% offset account.
3.89%
3.89%
$0
$0 p.a.
70%
Investors with a 30% deposit can get this low rate property investment loan.
3.90%
4.78%
$600
$0 p.a.
95%
A competitive fixed rate mortgage with split facilities and extra repayments. You can get this loan with a 5% deposit.
3.99%
5.17%
$600
$0 p.a.
90%
Competitive rates for fixed for 3 years with redraw facility.
4.09%
4.12%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and get flexible repayment options and a redraw facility.
3.59%
4.14%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
4.14%
4.14%
$0
$0 p.a.
80%
Investors pay no application or ongoing fees on this loan from an innovative online lender.
3.74%
4.01%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
3.88%
4.89%
$0
$395 p.a.
95%
Low deposit home loan. Enjoy flexible repayment options while paying limited fees.
3.99%
4.62%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.99%
4.86%
$0
$0 p.a.
80%
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.89%
4.87%
$0
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
3.64%
3.64%
$0
$0 p.a.
70%
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
3.85%
4.05%
$0
$350 p.a.
95%
This high LVR fixed rate loan allows you to borrow up to 95% of the value of the property you're buying.
4.09%
4.11%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.99%
3.99%
$0
$0 p.a.
80%
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).
3.85%
4.82%
$600
$35 monthly ($420 p.a.)
90%
Make up to $10,000 in extra repayments per year and take advantage of a flexible repayment schedule.
3.79%
3.80%
$0
$0 p.a.
70%
Keep your LVR at 70% or below and enjoy a special discounted rate. Also, pay no application or ongoing fees.
3.99%
4.03%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and pay no application or ongoing fees.
3.89%
4.96%
$0
$395 p.a.
95%
Refinancers can get $1,500 cashback. Conditions apply. Package your home loan with a Qantas rewards earning Amplify credit card.
3.89%
4.97%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term.
4.09%
3.79%
$0
$0 p.a.
70%
A competitive 3-year fixed rate loan with a high max insured LVR.
3.64%
3.65%
$0
$0 p.a.
95%
Family pledge option available. Get a special discount off Bank of Melbourne's basic variable rate.

Compare up to 4 providers

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Credit services for Aussie Select, Aussie IQ and Aussie Optimizer products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 ("Aussie"), and its appointed credit representatives. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133 Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Optimizer products is provided by Perpetual Limited ABN 86 000 431 827 (Lender). Credit for Aussie IQ is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502. Home loans issued by the Lender are serviced by Macquarie Securitisation Limited ABN 16 003 297 336, Australian Credit Licence 237863 (MSL).

Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. ©2018 AHL Investments Pty Ltd ABN 27 105 265 861 Australian Credit Licence 246786.

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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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Important Information*
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I) First Home Buyer Special

Start your home buying journey with 2 years of fixed repayments and a reasonable rate from a big 4 bank. Available with a 10% deposit.

UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupied Variable P&I Rate — borrowing $700,000 or more

Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).

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

New borrowers or refinancers from another lender get a discounted rate with this package loan.

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