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About Keystart

How much deposit do I need?

Roisin Broderick, Content Specialist, Keystart

02 Dec 2020 • 2 mins 30 secs
young family moving in to new house

Saving for a deposit can be one of the biggest hurdles to home ownership. Accumulating savings is hard work – and takes time and commitment. But home ownership doesn't have to be unattainable. Keystart offers low deposit home loans, providing low entry costs into the property market.

If you meet criteria for a Keystart home loan, you could apply for a home loan with a deposit from as low as 2%;

Let's talk dollars

If you would like to find out how much deposit you would need, the first step would be to see how much you can borrow.

Then give some thought to what you might like to buy. Are you thinking about a unit or apartment, a brand new home or perhaps something already established? Do some research to get a ballpark of what your property might cost. Is that amount within your borrowing power? If so, then you can do a rough estimate of your deposit.

Try our How much can I borrow tool to find out your borrowing power and the required deposit.

How much can I borrow?

You'll need more than your deposit

We always let our customers know they will need to have more funds available than just enough for their deposit. There are quite a few additional set up costs when you buy a home and the more you are prepared for them, the smoother your transition into your own home.

Top 12 costs to prepare for home ownership

Are you a first home buyer?

If you're a first home buyer and you're thinking of building a new home, you may be eligible for the State Government's First Home Owner Grant. These funds, currently $10,000, can be used as your deposit. Even if you're not thinking of building a new home, if you're a first home buyer you may be eligible for a transfer duty concession.

Guide to the first home buyer benefits

What next?

If you think you're ready to get started, you may find it valuable to investigate your options with home loan lenders. Find out the deposit requirements and then you can weigh up your choices.

If you want to find out if you would qualify for a Keystart loan, head to Do you qualify and complete a five-minute pre-qualification.

Keystart's low deposit helps you start your home ownership journey sooner, however if you have a substantial deposit saved or you're happy to wait, you may find a more suitable home loan with another lender.

Compare options

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.