The deposit is the number everyone talks about. It's the thing that feels biggest, the milestone people are working toward. But the deposit isn't the only thing you need to have ready on settlement day — and first-time buyers who discover that too late end up scrambling.
This guide breaks down the real upfront costs of buying your first home in Perth, with current 2026 figures, so you know what you're actually saving toward.
At Central Lending Solutions, this is one of the first conversations we have with first home buyers. Getting the numbers right early saves a lot of stress later.
Your Deposit: The Big Number
In Perth's current market, the median house price is sitting around $890,000 based on REIWA preliminary data from the March 2026 quarter — though prices vary widely depending on suburb.
A traditional 20% deposit on an $890,000 home is $178,000. Most first home buyers aren't sitting on that kind of savings.
That's where Keystart and the Australian Government 5% Deposit Scheme come in. You can enter the Perth market with as little as 2% (through Keystart) or 5% (through the federal scheme) without paying Lenders Mortgage Insurance. We've covered the comparison between those two options in detail in a separate post — but the key point here is that your deposit target can be a lot lower than you think.
On a $700,000 established home:
- 2% deposit (Keystart): $14,000
- 5% deposit (federal scheme): $35,000
You still need the deposit plus the other purchase costs described below.
Stamp Duty (Transfer Duty)
This is almost always the biggest single upfront cost after your deposit.
Western Australia's stamp duty rules — officially called transfer duty — were updated in March 2025, bringing the most significant first home buyer threshold changes in over a decade. Then in May 2026, the WA Government announced further proposed increases (subject to parliamentary passage).
Under the current thresholds effective from 21 March 2025:
- No stamp duty on established or new homes valued up to $500,000
- Concessional rate (partial relief) on homes between $500,000 and $700,000 in Perth metro and the Peel region
- Above $700,000, standard rates apply for first home buyers
For a first home buyer in Perth purchasing at $600,000, the stamp duty would be approximately $13,630 rather than the standard rate of more than $22,000 — a saving of around $8,370.
For buyers purchasing above $700,000, stamp duty at standard rates is assessed. A $750,000 purchase attracts roughly $27,265 in transfer duty at the general rate.
The proposed May 2026 budget measures would raise the full exemption threshold to $600,000 and the concession ceiling to $800,000 for Perth metro — but as of mid-2026, these are awaiting parliamentary approval. Check RevenueWA for the latest confirmed thresholds before you sign.
You can estimate your stamp duty using the WA Stamp Duty calculator on our website.
Conveyancing / Settlement Agent Fees
You need a licensed conveyancer or settlement agent to handle the legal transfer of the property title. They review the contract, check the title, coordinate payment of stamp duty, and manage settlement documents.
Budget roughly $1,500 to $2,500 for a standard Perth residential purchase, depending on the complexity of the transaction and whether you use a conveyancer or a solicitor.
Building and Pest Inspection
You'd be surprised how many buyers skip this to save a few hundred dollars — and then discover a structural problem or termite damage after settlement.
Perth's established housing stock, particularly in older suburbs, carries real risks. Reactive clay soils in many inner-city and established northern suburbs can cause structural movement over time. Termites remain a significant hidden threat in properties with timber framing.
A combined building and pest inspection in Perth typically runs between $350 and $660. It's one of the best-value costs in the whole process. If an inspection turns up issues, it gives you grounds to negotiate the price or walk away before you're committed.
Lender Fees and Costs
Most lenders charge an application or establishment fee, and sometimes an ongoing annual fee or discharge fee. These vary by lender and loan product.
Some things to watch for:
- Loan application or establishment fees ($150–$700 depending on lender)
- Valuation fees (sometimes waived by the lender, sometimes charged to you at $200–$500)
- Mortgage registration fees (a government fee for registering the mortgage with Landgate — typically a few hundred dollars)
A broker can compare these across lenders so you're not blindsided at settlement.
First Home Owner Grant — $10,000 Back
If you're buying a new build, house and land package, or substantially renovated home, you may qualify for the WA First Home Owner Grant (FHOG). The grant is $10,000 and does not apply to established properties.
For eligible transactions from 7 May 2026, the property cap for Perth metro (south of the 26th parallel) was raised to $800,000. The grant is paid at settlement for a purchase, or at the first construction progress payment for a build.
The FHOG can meaningfully offset your purchase costs on a new build and can be used alongside both Keystart and the federal 5% Deposit Scheme.
Summary: What to Budget Beyond the Deposit
| Cost Item | Typical Range (Perth, 2026) |
|---|---|
| Stamp duty (established, $500k–$700k FHB rate) | $0 — ~$27,265 (scales with price) |
| Conveyancing / settlement agent | $1,500 — $2,500 |
| Building and pest inspection | $350 — $660 |
| Lender establishment and registration fees | $300 — $1,200 |
| Moving costs | $500 — $2,000+ |
| Total purchase costs (above deposit) | ~$3,000 — $5,000+ (excl. stamp duty) |
As a rough guide, budget for total upfront costs (including stamp duty on an established property) of 3–5% of the purchase price on top of your deposit. For new builds, the range is typically lower because the FHOG and stamp duty concessions reduce the burden.
FAQ
Do first home buyers pay stamp duty in WA?
It depends on the purchase price. From 21 March 2025, eligible first home buyers pay no stamp duty on homes up to $500,000 in Perth metro. A reduced concessional rate applies between $500,000 and $700,000. Above $700,000, standard rates apply (though proposed May 2026 changes would lift these thresholds further).
How much do I need saved in total to buy a $650,000 home in Perth as a first home buyer?
Using the federal 5% Deposit Scheme, you'd need $32,500 for the deposit. Your stamp duty would be around $20,445 under the current concessional rate, plus roughly $3,000–$4,000 in other costs. Total cash needed at settlement: approximately $55,000–$57,000. A broker can model the exact figures for your situation.
Is the First Home Owner Grant available on established homes?
No. The $10,000 WA FHOG only applies to new homes, house and land packages, or substantially renovated properties. It doesn't apply to established purchases.
Can stamp duty be added to my loan?
Stamp duty is due at settlement and must be paid in cash, not included in the loan amount. This is one reason why many buyers end up underestimating how much they need to have saved.
What is the Home Buyers Assistance Account?
The WA Home Buyers Assistance Account provides up to $2,000 to reimburse incidental purchase costs such as valuation, conveyancing, and lending fees. It applies to established homes valued up to $500,000.
Plan Your Numbers Before You Start Looking
Understanding the full cost picture before you begin inspections means you won't fall in love with a property you can't actually settle on.
Use our Property Buying Cost Calculator and Stamp Duty Calculator to get a solid estimate, then book a free chat with one of the team at Central Lending Solutions to map out the right loan structure for your situation.