Step-by-step: Buying my first home at 24 in Perth, Australia

I remember how overwhelming this whole journey was for me, so hopefully this gave a high-level summary of what to do, what to expect etc.. One thing I forgot to mention in the video is how much my family and my partner supported me. It would be impossible (quite literally especially with the deposit funds) if it weren’t for them!

All the best if you're planning to buy your first home! And do stay tuned for next week's video on what I did next after buying a home!

Chapters:

00:07 | My background
00:26 | Step 1: Check your eligibility for grants & how stamp duty concession works
01:29 | Step 2: Save up for a deposit, how LMI works
02:45 | Step 3: How much can you borrow? How do loans work?
04:03 | Step 4: Build or buy?
04:29 | Consider applying for a pre-approval
04:49 | Step 5: What type of house?
05:32 | Step 6: Consider your preferred suburb(s)
07:35 | Step 7: House hunt
07:53 | Step 8: Putting down an offer, negotiate & sign the sales contract
08:15 | Step 9: Contact a conveyancer/settlement agent and have money for deposit funds, council rate fees, land tax etc ready. Your conveyancer & mortgage broker will sort out the backend of everything.

Missing steps in video
Step 10: Finances are approved and the settlement date is booked
Step 11: Due diligence - Building & pest inspection (around $500) and final home inspection. (Would recommend paying the extra money for an inspection to ensure the value you pay is fair) You could also have a property appraisal but personally, I didn't do that.
Step 12: Purchase home & contents insurance
Step 13: Get your keys! And receive all the formal housing documents (Settlement Statement, Certificate of Title, a notification by PEXA on the settlement)

08:29 | My take on the Perth property market
09:35 | Buying as a non-resident

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Some helpful links!
Home Buyers Survival Guide: https://www.commerce.wa.gov.au/sites/...
First Home Saver Scheme: https://www.ato.gov.au/individuals/su...
First Home Guarantee (for first home buyers with a 5% deposit): https://www.nhfic.gov.au/support-buy-...
WA FHOG: https://www.wa.gov.au/organisation/de...
Stamp duty calculator: https://www.wa.gov.au/service/financi...
Waived LMI for first home buyers: https://www.mortgagechoice.com.au/blo....
Waived LMI for professionals: https://www.ratecity.com.au/home-loan...
First Home Buyer Resources & Podcast: https://www.homebuyeracademy.com.au/h...
Foreign Investment Review Board: https://firb.gov.au/
Foreign Buyers Duty: https://www.wa.gov.au/service/financi...

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If there's anything you think I missed, any content ideas you think I should cover, or any feedback you had, feel free to comment below but most importantly smash that like and subscribe button to follow along the journey!

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