Perth Home Loan Market
Perth, Western Australia, is the recipient city benefiting most from the unprecedented Australian mineral boom. Western Australia, being the capital city of our most mineralized state, has become home to many people who have gone west in search of better well paid jobs, both in the mining sector as well as in the sectors benefiting from the mining boom. This has resulted in a shortage in rental as well as in homes for the home buyer which in turn has created an increase in price.
Perth – Home loans.
Home loans in Perth are basically a mirror image of home loans in other capital cities except that in Perth the estate agent managing the sale of the property is obligated by law to represent the owner of the property who is selling, not the person who is trying to buy. This can be a bit tricky for the buyer who tends to put his or her trust in the agent seeking out their dream home on their behalf. For this reason it is often best to leave any negotiation to a buyers agent whom you can engage for a fee.
Perth – Offer to purchase can be a binding contract.
Many house sales in Perth are negotiated through a method known as an ‘Offer and acceptance’ document which is part of the general conditions of sale form. It can be changed by either party to meet any special conditions that may arise during negotiations between the seller and the buyer of the property.
If you put in a offer to buy a property in Perth, it is accepted under Western Australian law that you are committed to complete the purchase, unless the owner fails to meet a condition you have included in the offer and acceptance document.
Perth – Buying versus renting.
As elsewhere the age old question often arises as to whether buying is preferable to renting and Perth is no exception. Some of the question you should ask yourself should include the following:
- How long will I be residing in this area? and is it the area in which I want to live?
- Are house prices expected to rise in the area I intend to buy?
- Is the difference in mortgage repayments worth paying when compared to the rental price in the area.
Perth – Stamp duty and incentives:
- Stamp duty payable in Perth applies to all transaction of property under a special residential rate.
- Certain concessions are made available to first home buyers and those on lower incomes. For instance a concession rate of stamp duty is also available to certain purchasers of property in Perth if the value of the property does not exceed $200,000.
- You may be also eligible for governmental assistance such as the first home buyers grant of $7,000 for new home buyers. This grant, as in other states is provided by the Federal Government but administered by the Western Australia State Government.
- Different rates of stamp duty apply depending on whether the property being purchased is an established home, vacant land, or a package deal involving land and the construction of a home.
Perth – Other home buying options.
Another housing option in Perth is know as the Rent to Own program. In this option potential home buyers are invited to pay a bit more on top of their rental payments so that the extra funds can be applied to a deposit over an agreed term.
It is particularly beneficial to those who can not obtain a home loan for a variety of reasons as well as those who can not put together the required deposit.
Related posts:
- Perth Property Market
- Home Loans WA
- Stamp Duty Western Australia
- First Home Buyers Decreasing in Perth
- Perth Property Market
- First Home Buyers Grant Western Australia (WA)
- First Home Buyer Stamp Duty
- Stamp Duty Exemptions and Rebates
- Stamp Duty Guide
- Mortgage Brokers in Perth 6000 – Western Australia
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
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