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.
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
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.
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.