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Low Deposit Home Loan

Make your dream of owning your home a reality. Keystart can help you get into a home of your own sooner, with home loan deposits from as low as 2%. Learn more.

Loan features:

  • Get into your own home sooner with a deposit from as low as 2%
  • 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, saving you thousands
  • No restrictions on what you buy; an established home or a new build

Why choose this loan

  • Low deposit

    • With our low deposit, it might not take you long to save the required amount, so you can get into your own home sooner. 
    • No saving history required.
    • You can use your first home owners grant (FHOG) towards your deposit if you decide to build a new home.
    • The deposit required may vary in different regions and depends on the property purchase price.
  • Lower entry costs

    • We don't charge lender's mortgage insurance, potentially saving you thousands. Combined with our low deposit, you face lower entry costs to get started on your home ownership journey.
    • It is standard banking industry practice to charge lender's mortgage insurance if you are borrowing more than 80% of the purchase price of your home.
    • Lender's mortgage insurance does not protect you as a borrower, it is an insurance policy to protect the lender.

     

  • We get you started

    • We help you get into home ownership earlier by lowering your entry costs. 
    • When you're ready to move on to another lender, we encourage you to do so.
    • Given the low deposit nature of the lending we provide, Keystart's interest rate policy enables us to manage our lending risk responsibly. We don't have the lowest interest rate on the market. When you are ready you can review your options and may find a better solution at another lender. That's fine with us!

Rates and fees

Maximum purchase price of a home:


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Deposit required

Maximum loan term

  • Lender's mortgage insurance $0
  • Additional repayments allowed? Yes
  • Flexibility in repayment frequency Yes
  • Monthly account keeping fees $0
  • Loan increases? Click for more info
  • Statement frequency 6 Monthly

Calculate estimated repayments Click for more info

Purpose of the home loan Click for more info

Payment frequency

Based on borrowing: Click for more info

Loan term of: s

Income limits

Just me $90,000 (maximum income)
Two of us $115,000 (maximum income)
Family $135,000 (maximum income)

The home loan process

Getting your own home is an exciting time. It's a big step and will take you on quite a journey.

  1. Do I qualify?

    We focus on helping you get started on home ownership. We have a few eligibility requirements - you can find out if you qualify in 5 minutes. 

    Get started!

     

  2. Pre-approval

    Find out how much you can borrow before you start house hunting - so you know how much you can afford before you put in an offer!

    It will take 20-30 minutes to do online, or you can call 1300 578 278 to chat with one of our friendly staff for help.

  3. Full loan approval

    So, you've made a successful offer on a property. Exciting times! Now you need to meet any outstanding pre-approval conditions, so we can move onto formal approval. 

    Loan and mortgage documents will be sent to you to sign. These will form the contract between you and Keystart.

  4. Settlement

    When you receive your loan and mortgage documents, Keystart's settlement agent will liaise with your settlement agent to organise settlement.

    A date will be set to transfer the property into your name. Once settlement has occurred you can move into your new home! 

  5. Manage my 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.

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  • People would always tell me how hard Keystart were to deal with however I completely disagree. I can’t say thank you enough for the opportunity to get our home in the most stress free way possible.

    Emma
    Keystart customer
  • Our loan has been easy to cope with. Keystart have always gone out of their way to help and make it as easy as possible to deal with them.

    Scott K
    Keystart customer

    Let's get started

    • How much can I borrow?

      By giving us a few basic details, we can tell you how much you may be able to borrow.

      How much can I borrow?
    • Ready to apply or want pre-approval?

      You can start your application or just find out if you qualify. 

      Find out if you qualify
    • Which loan is right for me?

      Find out which loan may be most suitable for you.

      Which loan?

    Q&As about this loan

    • Q Can I get a loan if my sole source of income is Centrelink payments?
      A

      You may qualify for a loan based solely on Centrelink income however the loan amount will be based on your income level and may not be enough to buy a property. 

    • Q Do you do interest only loans?
      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. 

    • 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. 

    • 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/conveyancing fees, transfer fees, government stamp duty, inspection fees (building/termite), settlement agent fees, building insurance and water/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?

    • Q Can I buy an established house?
      A

      Absolutely. Once you have pre-approval you can start house-hunting for your home. There are some advantages in buying an established house. Read more in our Build or buy guide. 

    • Q Can I build a new home?
      A

      Absolutely. Once you have pre-approval you will know how much you will be able to borrow, and therefore how much you can spend. You might like to to weigh up your options of building vs buying a new home - read our guide for some helpful tips. 

    • Q Can I buy anywhere?
      A

      Yes, anywhere within Western Australia. Once you have pre-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. 

    • Q Am I eligible?
      A

      Keystart has some set eligibility criteria. You can find out more about your loan requirements or you can find out if you would be eligible by completing pre-qualification. This takes about five minutes. 

    • 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.

    • Q Can I only use Keystart if I go with a builder?
      A

      No. Once you have pre-approval you are able to go home-hunting for whatever you like. An apartment, an existing home in an established area or a new house and land package. The choice is yours.

      We support you all the way through the loan application process too with a dedicated home loan specialist working with you from your first enquiry through to settlement. 

    • Q Do I need to show savings history?
      A

      No. We do not require savings history but will request statements for any bank accounts you have as well as statements for any existing loans, credit/store cards and rental history. This is so we can establish your ability to manage your finances.

    • 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 through a registered builder or buy a newly constructed property. You can build an apartment, a townhouse, a stand-alone home or a unit - the choice is yours! 

    • Q I already own a home but want to apply for a Keystart loan as well. Is that possible?
      A

      Unfortunately you cannot be considered for any Keystart products if you already own a property. Keystart assists people to get started on their home ownership journey. We require you to owner occupy the home for the life of the Keystart loan. 

      If you are in a situation where you will not own a home at the time of settlement, for example if you are in the process of selling your existing home, you may still be eligible. Get in touch to find out more.

    • Q Why have the income limits been set at specific caps for each region?
      A

      Keystart has undertaken a great deal of research to determine the income levels that assist the greatest number of Western Australians into a reasonable standard of housing. These limits are continually reviewed and will be amended if necessary.

    • 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. 

    • Q Can I rent out my property?
      A

      No. We aim to help more people on the journey to home ownership. In line with this vision, we do not offer loans for investment properties. Under the terms and conditions of the Offer to Borrow and the Keystart mortgage, you are required to occupy the property as your principal place of residence. This means you are not able to rent the property out.