Low Deposit Home Loan
Make your dream of owning your home a reality. Get into a home of your own sooner, with a low 2% home loan deposit and no lender's mortgage insurance. You can choose to buy an established home, build a new home or use our new Modular Home Loan for a modular construction. If you build, you may even be able to use your first home owner grant towards your deposit. Learn more.
Choose a low deposit home loan designed to get into your own home sooner.
Loan features:
- Low 2% deposit, meaning less time to save.
- You can use your first home owner grant (FHOG) towards your deposit if you decide to build a new home.
- No lender's mortgage insurance, saving you thousands.
- Choose what you buy; an established home, a new build or a modular home.
A low deposit home loan
With our low entry costs, you can get into a home of your own sooner.
-
Low deposit
- With our low 2% deposit, it might not take you long to save the required amount.
- If eligible, you can use your first home owner grant (FHOG) towards your deposit if you decide to build a new home.
-
No lender's mortgage insurance
- We don't charge lender's mortgage insurance saving you thousands. Lender's mortgage insurance is an insurance policy to protect the lender, not you.
-
Buy, build or go modular - the choice is yours.
You can choose to buy the home that suits you, whether it's
- an established home,
- a new build or
- a modular home.
Our new loan type Modular Home Loan provides an exciting new option to consider. You can read more about modular homes here.
Rates and fees
Variable rate
Comparison rate
Maximum loan term
- Additional repayments allowed? Yes
- Flexibility in repayment frequency Yes
- Monthly account keeping fees $0
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Loan increases?
- Statement frequency 6 Monthly
*Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Comparison rate
Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Loan repayment amounts
Loan repayment amounts shown are based on a simplified amortised schedule of repayments model. Actual loan repayments are subject to various internal and external factors including (but not limited to) changes in interest rates, fees and taxes. In particular, the model cannot predict future interest rates and therefore assumes the current variable rate for the remainder of the loan period.
Deposit required
Your deposit will be the higher of 2% or $2,000. The deposit required shown here may vary dependent on location and purchase price.
Purpose of the home loan
Not all loan products allow you to build a home.
Borrowing amount
This amount is provided for illustrative purposes only. The amount you may be eligible to borrow will be based on a full application. All applications for loans are subject to Keystart's standard credit policies and loan approval criteria, and depend on the particular circumstances and credit attributes of each applicant. Actual loan amounts approved may therefore be different to the results presented.
Loan increases?
Income limits
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Five simple steps to home ownership
Getting your own home is an exciting time and will take you on quite a journey.
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Do you qualify?
We have a few eligibility requirements - you can find out if you qualify (we call this pre-qualification) in five minutes. Click here to get started.
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Conditional approval
Find out how much you can borrow - so you'll know how much you can afford before you put in an offer.
Start online or you can call 1300 578 278 to chat with our team.
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Formal loan approval
So, you've made an offer on a property. Exciting times! To move to formal approval you'll need to meet any outstanding conditional approval conditions. Then we'll send you documents to sign.
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Settlement
Keystart's settlement agent will liaise with your settlement agent to organise settlement.
Once settlement has occurred you can move into your new home!
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Manage your loan
We aim to support you through your home loan journey. The application process is just the beginning. Now you will begin to manage your home loan.
Low Deposit Home Loan FAQs
-
Q
What happens to my first home owner grant?
A
The first home owner grant (FHOG) WA is a one-off payment funded by the Government of Western Australia and administered by the Department of Finance, Office of State Revenue. The grant is to assist first home buyers get started with their first home.
If you are eligible, Keystart allows you to use the FHOG funds towards your home loan deposit, so you can get started on your home ownership dream sooner.
The FHOG in WA only applies to first home buyers who are building or purchasing a newly built home. It is no longer available if you choose to buy an established home however, you may be eligible for other benefits, like concessional stamp (transfer) duty.
-
Q
Can I buy an investment property?
A
No. As we are focused on helping more people start their home ownership journey, we do not offer interest only loans or loans for an investment property. All of our loans are principal and interest home loans and are for owner-occupiers. You are required to occupy the property as your principal place of residence.
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Q
Other than the deposit, what other costs are there?
A
Some of the other upfront costs you may incur when buying a home include application fees, legal or conveyancing fees, transfer fees, government stamp duty, inspection fees (building or termite), settlement agent fees, building insurance and water or shire rates.
You may also need to consider your moving costs if you need to hire a truck or removalists. Maybe friends and family can help?
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Q
Can I buy anywhere?
A
Yes, anywhere within Western Australia. Once you have conditional approval you will be able to start looking for your new home. You can use the finance to buy an established home or to build. Remember to take into consideration the distance to your work and other facilities you want nearby.
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Q
Do I have to be employed to get a loan?
A
Yes, you do need to have a stable income or regular employment for at least six months.
Keystart accepts some Centrelink benefits as income, but your total income affects the amount you will be able to borrow.
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Q
What type of home can I buy?
A
With Keystart's Low Deposit Home Loan, you either can purchase an established property, build a new home or buy an established home. You can buy an apartment, a townhouse, a stand-alone home or a unit - the choice is yours!
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Q
I have owned a property before. Can I apply?
A
Yes you can. Subsequent home buyers are eligible to apply as long as you don't currently own or part own any other home or land.
Try our two new financial wellbeing quizzes
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A low deposit home loan
With our low entry costs, you can get into a home of your own sooner.
-
Low deposit
- With our low deposit, it might not take you long to save the required amount.
- If eligible, you can use your first home owners grant (FHOG) towards your deposit if you decide to build a new home.
-
No lender's mortgage insurance
- We don't charge lender's mortgage insurance saving you thousands. Lender's mortgage insurance is an insurance policy to protect the lender, not you.
-
Your choice of housing type including our new Modular Home Loan
You can choose to buy the home that suits you, whether it's an established home, a new build or a modular home.
Our new Modular Home Loan, with a 2% deposit and no lender’s mortgage insurance, provides an exciting new option to consider.
