Avoid These 3 Mistakes When Buying an Accessible Home

Buying a home with the accessibility features you or a family member needs requires more than finding the right property.

The loan structure, the features you choose, and how you time your application can determine whether you secure the property or watch it go to another buyer. In Baldivis, where newer estates often include accessibility-friendly designs and established homes may require modification, the way you approach your home loan application can make the difference between compromise and confidence.

Mistake One: Not Factoring Modification Costs Into Your Borrowing Capacity

Lenders calculate how much you can borrow based on your income, expenses and the property value, but they do not automatically include future modification costs unless you structure the loan to account for them. If you are purchasing a property that needs ramps, widened doorways, or bathroom modifications, those costs can range from $20,000 to $80,000 depending on the scope of work. Without planning for this upfront, you may find yourself either unable to afford the modifications or needing to apply for additional finance later, which can trigger a second round of serviceability assessments and delays.

Consider a buyer purchasing a four-bedroom home in one of the newer Baldivis estates close to the Baldivis Town Centre. The property has level access to the front door but requires internal modifications including a bathroom conversion and hallway widening. The buyer applies for a loan based on the purchase price alone and receives approval for the maximum amount the lender will extend. Six months after settlement, the buyer seeks a top-up loan to cover the $45,000 modification cost but finds that their borrowing capacity has reduced due to an interest rate increase and a change in their employment hours. The modifications are delayed by another 12 months while they save the shortfall. Had the buyer structured the loan to include a construction loan component or applied for a higher amount with a clear modification plan provided to the lender, the work could have been completed within weeks of moving in.

Some lenders will include modification costs in the initial loan if you provide quotes and a clear scope of work. Others may require you to draw down the modification portion separately once the work is underway. The key is to raise this with your broker during the pre-approval stage so the lender assesses your serviceability based on the full amount you will need, not just the purchase price.

Mistake Two: Overlooking Loan Features That Support Ongoing Accessibility Costs

Accessibility needs do not stop at purchase. Ongoing costs such as equipment replacement, home maintenance tailored to mobility requirements, and potential further modifications mean you need loan features that provide financial flexibility over time. An offset account linked to your home loan allows you to park savings and reduce interest without locking funds away, which can be useful when unexpected accessibility costs arise. Redraw facilities can also help, but some lenders restrict how often you can access redrawn funds or charge fees for each withdrawal.

In our experience, buyers focussed solely on securing the lowest interest rate often accept loan products with limited features, only to realise later that they cannot access their equity or savings without refinancing. If you are likely to need further modifications down the track or want the option to access equity for a vehicle modification or assistive technology, choosing a loan with flexible features from the outset will save you time and cost later.

A split loan structure can also be useful. Fixing a portion of your loan provides repayment certainty, while keeping a portion on a variable rate with an offset account gives you flexibility to manage ongoing costs and make extra repayments without restriction. This approach is particularly relevant in Baldivis, where many buyers are balancing family budgets with the cost of maintaining accessibility features in homes that may be larger than average due to the suburb's appeal to families seeking space and newer builds.

Mistake Three: Waiting Too Long to Get Pre-Approval

Properties with genuine accessibility features are not common in most suburbs, and when they do come onto the market in Baldivis, they tend to attract interest quickly. Waiting until you have found the right property before applying for finance can mean you miss out entirely, particularly if another buyer has their pre-approval in place and can move to an unconditional offer faster. Home loan pre-approval gives you a clear understanding of your borrowing capacity and signals to sellers and agents that you are a serious buyer.

Pre-approval is particularly important if your situation involves any complexity, such as self-employment, income from disability support arrangements, or a guarantor. Lenders assess these scenarios differently, and some may require additional documentation or apply different serviceability criteria. Getting pre-approval early means you can identify any issues and address them before you find a property you want to buy.

In Baldivis, where the mix of new estates and established homes means you may be comparing properties across different price points and layouts, having pre-approval also lets you focus your search on properties within your confirmed budget rather than wasting time on homes that fall outside your borrowing capacity. Pre-approval is typically valid for three to six months depending on the lender, which gives you a realistic timeframe to search and make an offer with confidence.

How Lenders Assess Properties With Modifications Already Completed

If you are purchasing a property that already has accessibility modifications in place, the lender will assess the property based on its current condition and marketability. Some modifications, such as ramps, widened doorways, and level-access showers, are seen as neutral or even positive by lenders because they broaden the potential buyer pool. Other modifications, such as highly specialised equipment or structural changes that limit the property's appeal to the general market, may result in a more conservative valuation.

This does not mean you cannot borrow against a modified property, but it does mean the lender may apply a higher interest rate or require a larger deposit if they assess the property as having limited resale potential. In Baldivis, where the housing stock is relatively modern and the suburb continues to attract young families and downsizers, properties with well-executed accessibility features are generally viewed favourably by valuers, particularly if the modifications are in line with universal design principles rather than overly specific adaptations.

If you are concerned about how a property will be valued, ask your broker to review the modifications with the lender's valuation team before you make an offer. This can help you avoid a situation where the property is valued below the purchase price and you are required to make up the difference with a larger deposit.

Government Schemes and Accessibility Features

The Australian Government 5% Deposit Scheme can be used to purchase a property with accessibility features, provided the property falls within the applicable price cap and you meet the eligibility criteria. For Baldivis, which is classified within the Perth metropolitan area, the price cap is $850,000. Both the purchase price and the lender's valuation must sit at or below this figure. The scheme is particularly useful for first home buyers who need to purchase a property with existing accessibility features but do not have a large deposit saved.

Help to Buy, which allows the Australian Government to take an equity share in exchange for contributing up to 40% of the purchase price for a new home or 30% for an existing home, is another option. Income limits apply, and the scheme is available through participating lenders only. If you are purchasing a property that requires modifications, you will need to ensure the total purchase price including any additional finance for modifications falls within your serviceability and the scheme's price caps.

State-based grants and concessions may also apply depending on your circumstances. Your broker can review your eligibility across all available schemes and help you structure your application to maximise your deposit and reduce upfront costs such as Lenders Mortgage Insurance.

When you are ready to talk through your situation and work out how much you can borrow, which loan features will support your accessibility needs, and how to structure your application for a property in Baldivis, call one of our team or book an appointment at a time that works for you.

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