Keystart Home Loans

Keystart Home Loans offers a unique financing solution specifically designed for Western Australian residents seeking to enter the property market with minimal savings. This government-backed initiative makes homeownership accessible when traditional bank financing might be out of reach.

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Keystart Advantage

Unlike conventional lenders, Keystart specializes in low deposit home loans with terms tailored to help Western Australians build their first or next home. Their ‘Low Deposit’ Home Loan features:

 

  • Just 2% deposit required (compared to traditional 20%)
  • No genuine savings requirement (can use gifts or other funds)
  • Lower repayments during the construction phase
  • No Lenders Mortgage Insurance (LMI) costs
  • Variable interest rate structure
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The Breakdown

Standard Bank Loan:

  • Home value: $600,000
  • Required 20% deposit: $120,000
  • LMI costs if using 5% deposit: Approximately $22,320

 

With Keystart:

  • Home value: $600,000
  • Minimum deposit needed: $12,000 (2%)
  • LMI costs: $0
  • Potential savings: $22,320+ in LMI plus lower initial outlay

As experienced Perth building consultants, we make sure that we create smooth pathways for clients building a home through this program. Our financial specialists understand Keystart’s requirements and can guide you through the entire process.

Flexible Eligibility Criteria

Keystart offers more flexible criteria than traditional lenders:

 

  • More lenient approach to previous credit issues
  • Shorter timeframes required after bankruptcy
  • Income limits that accommodate average earners
  • Options for both first-time and subsequent home buyers

 

However, applicants must:

 

  • Be Australian citizens or permanent residents
  • Live in the property as their principal residence
  • Meet Keystart’s income limits based on location and family size
  • Not own other property in Australia

Long Term Considerations

While Keystart provides an excellent entry path to homeownership, many clients eventually refinance with traditional lenders once they’ve built equity. Our building consultants can discuss the potential long-term strategies for your financial journey.

Ready to explore how Keystart could help you build your Perth home with a minimal deposit? Contact our team today for personalised guidance on this home loan.

Do more research

For official program details, current income limits, and application information, visit the Keystart Home Loans official website.

 

Additional helpful resources:

 

Information current as of March 2025. Terms, conditions, and eligibility criteria are subject to change. Please contact Emily Rose Homes or Keystart directly for the most up-to-date information.

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