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: www.commerce.w...
First Home Saver Scheme: www.ato.gov.au...
First Home Guarantee (for first home buyers with a 5% deposit): www.nhfic.gov....
WA FHOG: www.wa.gov.au/...
Stamp duty calculator: www.wa.gov.au/...
Waived LMI for first home buyers: www.mortgagech....
Waived LMI for professionals: www.ratecity.c...
First Home Buyer Resources & Podcast: www.homebuyera...
Foreign Investment Review Board: firb.gov.au/
Foreign Buyers Duty: www.wa.gov.au/...
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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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Let's Connect!
My BioSite: bio.site/carme...
Follow me on IG: / its.carmenwong

[@lexiiiwong]

Hi Carmen. Thanks for the video! Would highly appreciate it if you could make an in-depth video about the process/steps of buying a property as a non-resident.

[@its.carmenwong]

Hi Lexi, you're most welcome! Apologies for the delayed reply. I don't have personal experience buying property as a non-resident sadly but that's certainly a good video idea I can look into. It would take me some time to research though so I do recommend doing your own research in the meantime. From my understanding you can only buy new homes and loans may have higher interest rates compared to residents. Check with a good local mortgage broker and they can give you the most up-to-date advice. Wishing you all the best!!

[@AL-yk9on]

this is a good video.

[@its.carmenwong]

Thank you, I really appreciate your comment, wishing you all the best. Any suggestions too are welcome🙏🏼

[@MelonLemon007]

Which type of property can you buy as a foreigner in Oz?

[@its.carmenwong]

Hello, you can usually only buy new homes as a foreigner, from my understanding there's a step to get approval too from the government. Not an expert in this area sadly, wishing you all the best!

[@ZyliceLiddell]

Step 1: Be a rich Asian.

[@its.carmenwong]

You need only a 5% deposit to buy a house, don’t need to be rich :) wishing you all the best Zylice!

[@adamphillips4786]

Step 1. Be a dickhead and write a stupid comment.

[@shelby6622]

Once again, be a rich Asian. Hell, all the ones that are here are rich. Easy to buy with Mummy and Daddies money hey.@@its.carmenwong