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Shared Ownership Home Loan

Get into a home of your own sooner. Keystart's low deposit, shared ownership home loans lower the entry barriers to ownership, with deposits as low as 2%.

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
  • No lender's mortgage insurance, potentially saving you thousands
  • Housing Authority co-own a share of the property with you, lowering your loan amount

Why choose this loan

  • Lower entry costs

    • With a low deposit, it might not take you long to save the required amount.
    • You can use your first home owners grant (FHOG) towards your deposit if applicable.
    • We don't charge lender's mortgage insurance, potentially saving you thousands.
    • No saving history required.
  • Share your home loan

    • Western Australia's Housing Authority will fund up to a maximum of 30% of the purchase of your home. The Housing Authority co-owns a share of the property with you, acting as a silent partner to help you get you into home ownership sooner.
    • Your loan amount will be a based on your share, reducing your ongoing monthly repayments.
    • Available homes are listed on Opening Doors and include newly built homes, apartments and units
    • Even though the Housing Authority retain a share of your property, the home is still yours. You can increase your share of the property whenever you are able to do so.
    • You'll be responsible for your home and for all ongoing costs, including shire and water rates, utilities and household repairs and maintenance. Read more at All about shared ownership.
  • Special criteria

    There are some shared ownership options for you if you are

    • of Aboriginal or Torres Strait Islander descent (Aboriginal Home Loan)
    • a sole parent wanting to keep your family home after a relationship breakdown or death of a partner
    • currently living in public housing and wish to buy the home you are living in.

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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  • Always friendly, always easy, no mess, no fuss. Never had an issue. Very happy with our service over the years with prompt correspondence and easy-going staff and local call centre... big plus!

    Scott J
    Keystart customer
  • Keystart made my dream of being a homeowner a reality. When I really needed help, they were there. My dealings with them were positive but realistic. I would highly recommend to anyone.

    Vincent
    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 How does shared ownership work?
      A

      Shared ownership loans allow you to purchase a share in your property until you are in a position to buy the property outright. This helps to reduce your ongoing monthly repayments.  A co-owners agreement will exist between you and the Housing Authority that sets out your rights and responsibilities under this loan type. 

      Whenever you wish to increase your ownership share, the property will be independently valued and the value of the Housing Authority's share will be based on the market value of the property at that time.  

    • Q Can I sell my home at any time?
      A

      Yes.

      If you wish to sell your home, a valuation will be conducted to determine the current market value and minimum sale price. The Housing Authority has the first option to purchase the property from you. If the Housing Authority does not take up this option, you can sell the property on the open market. Any capital improvements you have made to the property since the initial purchase will be credited to you and taken into consideration when calculating the value of the Housing Authority's share of the sale price. You can get a list of the possible capital improvements so you can see what may be included. 

    • 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 Does the Housing Authority share the costs of owning a home?
      A

      No. As the Housing Authority do not charge any interest or rent on their share in the property they do not contribute towards the costs of owning the home. You are responsible for general maintenance costs, payments for your rates, insurance, any strata levies and property valuations. 

    • Q Can I choose the percentage I own?
      A

      No. The percentage you own in a shared ownership home loan will be determined by your borrowing capacity and the property value. As the Housing Authority want to assist as many people as they can into shared home ownership, it needs to ensure it does not contribute more than is required.

    • Q Am I free to sell my home?
      A

      You can sell your home at any time but you need to first contact Keystart to arrange a valuation. This will determine the current market value and minimum sale price and will also take into consideration any capital improvements you have made since the initial purchase.

      The Housing Authority have the first option to buy the property but if they choose not to buy it, the property can be sold on the open market. Note, this is for flexible shared ownership home loans properties only, fixed shared ownership loans can only be sold back to the Housing Authority.

    • Q Can I increase my ownership in my shared ownership property?
      A

      Generally yes, and we encourage you to do so. But the answer will be dependent on the type of shared ownership property you are looking at.

      If it is a ‘Flexible’ property you can increase your ownership whenever you can afford to.  Stamp duty concessions and incentives may apply.

      If it is a ‘Fixed’ property the Housing Authority will always retain their portion of the property. If however, you decide to sell your share back to the Housing Authority based on the current market valuation, you can use this equity to buy another property.

    • Q Can I make improvements to the property?
      A

      All homes need maintenance and you may find you have some great ideas on improvements to your property too. You can make improvements to your home at any time, providing these have been approved by Keystart on behalf of the Housing Authority. If approval for the improvements is required from the relevant local authority, you must provide Keystart with a copy of the approved plans. All work must be carried out by a registered builder.

      Your hard work may be taken into account too when you look at selling or refinancing your home, as certain home improvements are considered to add value to your property. Read more in our guide to shared ownership.

    • Q Will I have to have property inspections?
      A

      No. No more rent inspections!  The Housing Authority don't conduct inspections on their shared ownership properties. As long as you maintain the property and comply with your obligations under the mortgage and Co-owners Deed you will be left to occupy the property peacefully and without disturbance. Enjoy!

    • Q Do the Housing Authority charge rent on their share in the property?
      A

      No, the Housing Authority do not charge rent or interest on their share.

      The only repayments you will be required to make are those stipulated under your loan contract with Keystart, that is your loan repayments for your share of the loan.

      You do need to pay all rates, insurance and maintenance on the property, as the Housing Authority does not contribute towards these costs. 

    • Q What is shared home ownership?
      A

      Shared home ownership is an initiative that helps reduce both the upfront costs and ongoing loan repayments associated with home ownership.

      With shared home ownership, the Housing Authority co-own a property with you, meaning your deposit doesn’t need to be as big and your loan repayments will be lower as they are based on your share in the property. The Housing Authority percentage of ownership will be dependent on the loan product you choose, the property value and the loan amount you qualify for.

    • 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 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 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 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 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.