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%.
Choose a shared ownership home loan designed to help you get into a home of your own sooner.
Loan features:
- Deposit from as low as 2%
- You can use your first home owner grant (FHOG) towards your deposit if you build if that option is available for your loan type.
- No lender's mortgage insurance
- Housing Authority co-own a share of the property with you, lowering your loan amount
Share your home loan, not your home.
The Housing Authority co-owns a share of your home, acting as a silent partner to help you get you into home ownership sooner.
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Lower entry costs
- With a low deposit, it might not take you long to save the required amount.
- You can use your first home owner grant (FHOG) towards your deposit if applicable.
- We don't charge lender's mortgage insurance, saving you thousands.
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A shared home loan
- Western Australia's Housing Authority will fund up to a maximum of 30% of the purchase of your home.
- Your loan amount will be a based on your share, reducing your ongoing monthly loan repayments.
- Available homes are listed on Opening Doors.
- 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. Read more at All about shared ownership.
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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.
These options may have different Housing Authority shares, income limits and maximum purchase price. Get in touch to find out more.
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
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
Five simple steps to home ownership
Getting your own home is an exciting time and will take you on quite a journey. Don't worry - we're here to help you through the process so you can focus on enjoying your new home.
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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.
Let's get started
An affordable, low deposit shared ownership home loan may be closer than your think. If you're ready to apply, follow the steps to see if you qualify.
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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? -
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Shared Ownership Home Loan FAQs
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Q
Can I leave the property listed on the market after the valuation has expired?
AYes, you may remain to list the property with a real estate agent after the valuation has expired. If a listing extension agreement or an Offer is presented to Keystart for signing, a valid valuation must be in place.
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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.
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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 financial situation.
If you have a 'flexible' shared ownership home loan you can increase your ownership whenever you can afford to. Stamp duty concessions and incentives may apply.
If it is a 'fixed' shared ownership home loan, the Housing Authority will always retain its portion of the property. If you decide to sell your home, the Housing Authority buy your share back.
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Q
Am I free to sell my home?
A
You can sell your home at any time. Read our guide to selling a shared ownership home.
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Q
Will I have to have property inspections?
A
No. No more rent inspections! The Housing Authority don't conduct inspections on its 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!
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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
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
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.
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