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First home buyers have never had more help: a 5% deposit scheme with no income test, no stamp duty in WA up to $600K, and the investors who used to outbid you stepping back after the budget. But it's all arriving in a falling market. In this mini episode, Michael breaks down the one question to ask before any scheme, runs the real rent versus buy numbers on a Perth villa, and gives his honest take on whether to buy now or wait.
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General advice only and not personal advice. CRN 485467
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In this episode:
• First home buyers have never had more support: the 5% deposit scheme has no income test, no cap on places and no LMI, and WA first home buyers pay no stamp duty up to $600K. The catch is that it's all landing in a falling market.
• The asset matters more than the scheme. Before looking at any grant, ask who buys this property from you when you sell. Owner-occupier appeal drives long-term value, so aim for a home the next family would compete for.
• In a real Perth example (a $600K villa), owning costs roughly $238 a week more than renting in year one. But Perth's higher rents relative to prices make that gap far smaller than in Sydney, which is a real advantage for local buyers.
• Perth's median house price (around $980K in the June quarter) now sits above the scheme's $850K cap, so the scheme tends to nudge buyers toward units, townhouses or outer suburbs, exactly where asset quality matters most.
• A 5% deposit in a falling market is risky. If values drop 3%, most of your paper equity is gone. That's fine if you hold, but a problem if you sell.
• Don't try to time the RBA. Buy on the asset and your budget, not the rate call, and always keep a buffer on the other side of settlement. Perth listings have passed 7,000 for the first time in over three years, meaning more choice and more room to negotiate.
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Subscribe: https://youtube.com/@ThatBackyardPropertyPodcast
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Website: https://tuskfinance.com.au
Connect with Michael:
Facebook: https://facebook.com/tuskfinancemk
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LinkedIn: https://linkedin.com/in/michaelkilliner
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Tusk Finance: broker@tuskfinance.com.au
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Chapters:
(0:00) 4 Things First Home Buyers Need to Know
(1:19) Why First Home Buyers Have Never Had More Help
(2:00) The Catch: Buying Into a Falling Market
(2:40) The One Question to Ask Before Any Scheme
(3:32) A Real Perth Example: What Owning Actually Costs
(4:24) Rent vs Buy & the Perth Twist
(6:00) The Perth Problem: When the Median Beats the Cap
(6:56) Every Scheme & Grant on the Table Right Now
(8:31) The Mistakes First Home Buyers Make Most
(9:36) Buy Now or Wait? Michael's Honest Take
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Produced by Podwave Studios: https://www.podwavestudios.au
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