Keystart Home Loans – WA Government's 2% Low Deposit Home Loan

What are the Keystart Low Deposit Home Loan eligibility requirements?

Individuals or couples applying for the Low Deposit Home Loan must meet the following employment and salary criteria:

• If you live in a metro area or most regional areas, you must earn less $148,000 per annum or less to be eligble for the loan. If you are in a couple, you must earn $218,000 or less.
• If you live in either the Kimberley or Pilbara regions, you must earn $225,000 or less per annum if you are applying as an individual, or $285,000 or less if you are a couple.
• You must be employed and be able to show a stable income or regular employment for at least six months. 

What are the Keystart Low Deposit Home Loan property price limits?

Individuals or couples using the loan must be buying a home valued at $730,000 or less.

Benefits of the Keystart Low Deposit Home Loan?

Central to the benefits of the loan is the ability to get on the property ladder sooner, all thanks to a range of incentives to minimise cost outlays early on.

No property type restrictions

There are no limitations on the type of property a buyer is purchasing, meaning both established homes and new builds are covered.

Using the FHOG

If you are building a new home using the Low Deposit Home Loan, you can also use the First Home Owners Grant to save a further $10,000 on costs.

Low deposit

Only 2% deposit of the purchase price is needed to get started.

No Lenders Mortgage Insurance 

While it is standard bank industry practice to charger LMI for those borrowing more than 80% of the purchase price of a home, this is waived under the Low Deposit Home Loan.

Payments capped at $400/month during construction

Once your block of land is funded, your Keystart loan gets underway. We refer to this as land settlement. From this point, you're required to make monthly construction repayments throughout the complete period of your build.

Who is the Keystart Low Deposit Home Loan backed by?

The loan is backed and administered by the Western Australian Government.

Do other states offer the Keystart Low Deposit Home Loan?

No, the initiative is only open to individuals and couples purchasing property in Western Australia. However, prospective home owners in all states and territories may be eligible for the First Home Guarantee - a government incentive that allows first home buyers to purchase their first home with a deposit as low as 5% without LMI.