Keystart home loans in Perth
Buy your first home sooner with Keystart
Keystart is a WA Government home loan that lets eligible buyers get into a home with a 2% deposit and no lenders mortgage insurance. We'll tell you plainly whether you qualify, how Keystart stacks up against other lenders, and help you apply if it's the right fit.
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What is Keystart, in plain language?
Keystart is a WA Government initiative that helps people who can't yet save a full deposit buy a home to live in.
Most banks want a 5% to 20% deposit, and charge lenders mortgage insurance (LMI) if you have less than 20%. Skipping LMI alone can save you thousands of dollars upfront.
There's a trade-off. Keystart has income and property price limits, and it's only for homes you'll live in. It sets its own variable interest rate, so it's worth comparing the total cost with other low deposit options before you decide. That's the part we do for you.
Keystart offers a few different home loans. The two most first home buyers ask us about are the Low Deposit Home Loan and the Shared Ownership Home Loan, both covered below.
Who qualifies for Keystart?
You can apply for Keystart if you're over 18, living in WA, buying a home to live in, and you don't already own a home or land.
- You're over 18
- You're an Australian citizen or permanent resident
- You live in WA and want to buy or build here
- You'll live in the home yourself (no investment properties)
- You don't currently own, or part own, a home or land
- You've had stable income or regular work for at least six months
Keystart income and price limits in Perth
Keystart has a limit on how much your household earns and how much the home can cost, and both limits are lower for shared ownership.
| Perth metro | Low Deposit Home Loan | Shared Ownership Home Loan |
|---|---|---|
| Minimum deposit | 2% (or $2,000) | 2% (or $2,000) |
| Lenders mortgage insurance | $0 | $0 |
| Maximum purchase price | $860,000 | $720,000 |
| Income limit, on your own | $155,000 | $128,000 |
| Income limit, couple or family | $228,000 | $197,000 |
| Buy established or build | Both, including modular homes | Homes offered through the scheme |
Keystart vs a standard low deposit home loan
Keystart needs the smallest deposit, and if your income is over its limits, the 5% Deposit Scheme or a standard loan with an LMI waiver can still get you in with a small deposit.
| Keystart Low Deposit | 5% Deposit Scheme | Standard bank loan | |
|---|---|---|---|
| Minimum deposit | 2% | 5% | Usually 5% to 20% |
| Lenders mortgage insurance | None | None | Under a 20% deposit, unless your profession qualifies for a waiver |
| Income or price limits | Yes, both | Price cap only ($850,000 in Perth) | None |
| Interest rate | Keystart's own variable rate | Set by the lender you choose | Set by the lender you choose |
| Often suits | Lower to middle incomes with a small deposit | First home buyers with 5% saved, any income | Buyers with a bigger deposit or a waiver-eligible job |
On a high income? If you earn above the Keystart limits, you're not out of options. The home loans page covers how we compare low deposit loans across our lender panel.
How we help you apply for Keystart
We check whether you qualify, compare Keystart with other lenders, then handle the application with you through to settlement.
Have a chat
Tell us about your income, savings and the kind of home you want. No jargon, no obligation.
We check the fit
We look at whether you meet Keystart's limits and how it compares with other low deposit options.
See the full picture
We walk you through the numbers, including deposit, repayments and upfront costs, so you can decide with confidence.
Apply and settle
We prepare the paperwork, hold the pressure points and keep you updated to settlement.
Rated five stars by the people we help
"As first home buyers, Lucy made the entire process simple, stress-free and easy to understand. Her communication, professionalism and genuine care were outstanding. We secured our dream first home in record time!"
"Friendly, knowledgeable and incredibly responsive throughout. She made everything feel easy and stress-free, and always took the time to patiently answer all of our questions. We felt supported every step of the way."
"Maddy has been exceptional helping us navigate getting our mortgage to build our home. Always super friendly and always has the time to answer any burning questions. Would highly recommend Maddy and Oui Finance to everyone!"
Frequently asked questions
Is Keystart only for first home buyers?
No, Keystart is open to anyone who meets its rules and doesn't currently own a home or land.
If you've owned a property before and sold it, you can still apply, as long as you meet the income and price limits.
Can I use the First Home Owner Grant with Keystart?
Yes, if you're eligible for the WA First Home Owner Grant, Keystart lets you put it towards your deposit.
In WA the grant is for building or buying a new home, not an established one. Buyers of established homes may still get a stamp duty concession instead.
Is a Keystart loan more expensive than a bank loan?
It depends on your situation, because Keystart saves you LMI but sets its own variable rate, so the total cost can go either way.
We compare Keystart's rate and costs with other lenders on our panel, so you can see where you'd land and whether a more competitive interest rate is available to you elsewhere.
Can I move from Keystart to another lender later?
Yes, you can refinance from Keystart to another lender, and it usually gets easier once you've built up more equity in your home.
Paying down your loan and any rise in your home's value both help. When you get there, we can review your loan and compare your options.
Can a mortgage broker help with a Keystart loan?
Yes, you can apply for Keystart directly or through a mortgage broker like Oui Finance.
Going through us means you also see how Keystart compares with other lenders before you commit, and you have someone in your corner for the paperwork.
Find out if Keystart is right for you
A first chat with Oui Finance is complimentary, and we'll tell you honestly whether Keystart or another option gets you into a home sooner.
Send us a few details and one of our brokers will be in touch. You can also call us on 0448 383 336.
This page is general information only and does not take your personal circumstances into account. Keystart products, limits and rates are set by Keystart and can change, so check the current details before you apply. Lender credit criteria, terms, conditions, fees and charges apply, and your full financial situation will be reviewed before any offer or product is accepted.