If you’re dreaming of owning a home in Perth, you’re not alone. Whether it’s a beachside unit in Scarborough or a family home in the suburbs of Baldivis, buying property is a huge step – and getting your home loan sorted is one of the most important parts of the journey.

In this guide, we’ll walk you through the home loan process in Perth, explain your options, and share tips to help you avoid common pitfalls. At Blackburne Mortgage Broking, we help Perth locals like you make confident, informed decisions every day.

Step 1: Understand How Much You Can Borrow

Before you fall in love with a property, it’s important to know how much a lender might let you borrow. Your borrowing power is based on your income, debts, living expenses, and credit score.

Tip: Use a borrowing power calculator to get a rough estimate – or speak to a mortgage broker (like us!) for a personalised assessment.

Step 2: Save Your Deposit

Most lenders in WA prefer a 20% deposit of the property price to avoid paying Lenders Mortgage Insurance (LMI). But the good news? You can still buy with as little as 2–10% deposit under certain conditions or schemes (like the First Home Guarantee).

First Home Buyer? You may be eligible for WA’s First Home Owner Grant (FHOG) and stamp duty concessions.

Step 3: Get Pre-Approval

Think of pre-approval as a “conditional yes” from a lender. It shows real estate agents you’re a serious buyer and gives you a clear price range to work with.

Pre-approval typically lasts 3 months and involves a soft credit check and assessment of your documents (payslips, ID, bank statements, etc.).

Step 4: Choose the Right Home Loan

This is where things can get confusing – but don’t worry, that’s why we’re here.

Some of your main choices will include:

• Fixed-rate loans – the interest rate stays the same for a set period
• Variable-rate loans – the rate moves with the market
• Split loans – a mix of both fixed and variable
• Offset accounts – reduce your interest by linking to your savings

Pro tip: We have access to over 50 lenders to find what suits your needs – not theirs.

Step 5: Make an Offer on a Property

Once you’ve found the one, it’s time to make an offer. In Perth, this usually happens through a written offer on a Contract for Sale.

You’ll need to nominate your settlement agent and include “subject to finance” conditions if your pre-approval hasn’t converted to full approval yet.

Step 6: Final Loan Approval & Valuation

After your offer is accepted, your broker will work with the lender to complete your application. The bank will also order a valuation on the property.

Once everything checks out, you’ll receive formal (unconditional) approval.

Step 7: Settlement Day

This is when the property officially becomes yours! Your solicitor or settlement agent will handle the legal and financial paperwork, and your lender will release the funds.

Congratulations – you’re a Perth homeowner!

Common Mistakes to Avoid

❌ Overborrowing beyond your budget
❌ Relying only on one bank’s advice
❌ Not factoring in stamp duty, inspections, and hidden fees
❌ Forgetting to check your credit score before applying

Why Use a Mortgage Broker in Perth?

A good broker does more than just find a loan. At Blackburne, we:

• Compare options from multiple lenders
• Help you access government schemes and rebates
• Guide you from pre-approval to post-settlement
• Save you time, money, and stress

We know the Perth market, and we’re here to help you feel confident every step of the way.