Why Should Mindarie Buyers Save and Plan Before Buying?

Saving for your first home is easier to manage once you know which schemes sit alongside your savings. Mindarie sits in the City of Wanneroo, beside the Mindarie Marina, and many local buyers start with one question: how much do I really need to put aside?

The answer depends on the scheme you use, the lender and the price of the home. This article explains the main options for a first home buyer in Western Australia so you can set a clear savings target before you speak to a lender.

How Much Deposit Does a First Home Buyer Need?

A first home buyer can buy with a 5% deposit under the Australian Government 5% Deposit Scheme, which has operated since 1 October 2025. Housing Australia backs the lender for the part of the loan between your deposit and 20% of the property value, so no Lenders Mortgage Insurance (LMI) is payable.

There are no income caps, but there are limits. The home must be at or below a price cap, which in Western Australia is $850,000 for the capital city and regional centres category and $600,000 for other areas. The cap for a specific home depends on its suburb and postcode in Housing Australia's postcode search tool, so check Mindarie's listing before you set a target. You must also live in the home within six months of settlement and apply through a participating lender.

The trade-off is size. A smaller deposit means a larger loan, so your repayments and the interest you pay over time will be higher than with a bigger deposit. Keystart, a Western Australian Government lender, also offers a low deposit home loan from a 2% deposit, with a property price limit of $860,000 and income limits of $155,000 for singles and $228,000 for couples and families.

If you want to compare low deposit options side by side, our first home buyers page outlines how we approach this.

Using the First Home Super Saver Scheme to Build Your Deposit

The First Home Super Saver (FHSS) scheme lets you release eligible voluntary super contributions towards a first home. Up to $15,000 of voluntary contributions a year, and $50,000 in total, count towards your release amount.

As an example, consider a buyer who salary sacrifices $15,000 a year for three years. That builds $45,000 in eligible concessional contributions. The maximum release amount is 85% of those contributions, which is $38,250, plus associated earnings calculated by the ATO. The buyer asks the ATO for a determination before any property transfers into their name, then requests release. In most cases the money arrives in 15 to 20 business days, with tax withheld at a rate based on their marginal tax rate less a 30% offset.

The outcome is a deposit boost of roughly $38,250 before tax withheld and earnings. The buyer must sign a contract to buy or build within the ATO period (generally from 90 days before the release request to 12 months after it, or longer if the ATO allows) and notify the ATO within 90 days of signing. Alternatively, the buyer can recontribute the released amount (less tax withheld) and notify the ATO within 12 months of the release request. If they do neither, FHSS tax of 20% of the assessable released amount applies, in addition to income tax. Contributions above the legislated caps are not eligible, and any contributions you do not release stay in super until you meet another condition of release. Released money is paid to you by the ATO and can be used for the deposit. Speak to your accountant about how this affects your tax before you start.

WA Stamp Duty Concessions and the First Home Owner Grant

Western Australia offers a $10,000 first home owner grant for eligible buyers purchasing or building a new home. It is not available for established homes, and there is no income or assets test.

First home buyer stamp duty concessions work differently and cover established homes as well. From 7 May 2026, the First Home Owner Rate of duty applies statewide. For homes, no duty is payable up to $600,000, and a concessional rate applies up to $800,000. For vacant land, no duty is payable up to $450,000, with a concessional rate up to $550,000. Eligibility follows the grant criteria, even where no grant is payable.

Because these thresholds shape which homes make sense for your budget, confirm your eligibility with RevenueWA before you sign a contract.

5% Deposit Scheme or Help to Buy: Which Suits Your Savings?

The 5% Deposit Scheme suits buyers who can save the deposit themselves, while Help to Buy suits buyers who cannot reach a deposit through savings and borrowing alone. Under Help to Buy, the Australian Government contributes 5% to 30% of an existing home's price in return for an equity share, and you need at least 2% of the price from your own savings.

Help to Buy has income thresholds from 1 July 2026 of $103,000 for a single applicant who is not a single parent, and $165,000 for joint applicants. The Government's share rises and falls with the home's value, and you may be asked to repay part of it if your income stays above the threshold for two consecutive financial years. You cannot use Help to Buy together with the 5% Deposit Scheme or Keystart shared equity loans, but you can still claim grants, stamp duty concessions and the FHSS scheme.

Both schemes run through participating lenders, which differ between the two. A broker can explain which lender suits your situation.

Setting a First Home Buyer Budget Before You Apply

Your first home buyer budget should start with what a lender is likely to let you borrow, then work back to a price and a savings target. Use our borrowing capacity calculator to get a starting figure, then add the costs that sit outside the deposit, such as stamp duty if it applies, legal fees, inspections and building insurance.

Once your savings are on track, a pre-approval shows you a lender's indicative limit before you start bidding. It is not a final approval, and it can expire or change if your circumstances or the lender's policies change. When you are ready to compare home loans, or you want local advice from a Mindarie mortgage broker, we can match your savings plan to the right scheme.

Call one of our team or book an appointment at a time that works for you, and we will help you build a savings plan for your first home.

Frequently Asked Questions