Property buying throws up dozens of questions — especially if it's your first time. We've compiled the most common questions our agents hear from Perth buyers and given you honest, plain-English answers.
Finance & Deposits
Understanding your financial position is the foundation of any property purchase.
- How much deposit do I need? — Typically 10–20% of the purchase price. Some lenders allow 5% with Lender's Mortgage Insurance.
- What is LMI? — Lender's Mortgage Insurance protects the bank (not you) if you default. It is charged when your deposit is below 20%.
- Should I use a mortgage broker? — Yes for most buyers. Brokers compare dozens of lenders and can often negotiate lower rates than going direct.
- What other costs should I budget for? — Stamp duty, settlement agent fees, building and pest inspection, moving costs, and home insurance.
The Buying Process
The WA property buying process follows a clear sequence once you're pre-approved.
- How long does it take to buy a property? — From offer to settlement, typically 30–60 days in WA.
- What is the settlement period? — The time between signing the contract and legal ownership transferring. WA standard is 30–60 days.
- Do I need a solicitor? — In WA, you use a licensed settlement agent (conveyancer) rather than a solicitor for residential property.
- What happens at settlement? — Your lender transfers funds, your settlement agent registers the transfer at Landgate, and you receive the keys.
Inspections & Due Diligence
Never skip due diligence — it protects you from costly surprises after purchase.
- Is a building inspection required by law? — No, but it is strongly recommended. Inspections typically cost $350–$600 and can reveal issues worth tens of thousands to repair.
- What does a building inspection cover? — Structure, roof, plumbing, electrical, damp, pest damage, and safety hazards.
- Should I do my own inspection? — Yes, attend open homes and take notes, but always hire a licensed building inspector before proceeding.
- What is a title search? — A search of Landgate records to confirm ownership, check for mortgages, caveats, easements, or other encumbrances.
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Frequently Asked Questions
Yes — and you should. Asking prices are opening positions. Your agent will advise on current market conditions, comparable sales, and how much negotiation room exists. In a competitive market, offers at or above asking price may be needed; in a slower market, 5–10% below is often acceptable.
"Under offer" means the seller has accepted an offer and the property is in the process of going unconditional. The sale is not yet complete — conditions such as finance or building inspection may still be pending. Once all conditions are met, it moves to "sold".
The real estate agent markets and sells the property, negotiating between buyer and seller. The settlement agent (conveyancer) handles the legal and financial process of transferring ownership. You will need both when buying property in WA.
