Low Deposit Home Loan
Make your dream of owning your home a reality. Get into a home of your own sooner, with a home loan deposit from as low as 2%. You can choose to buy established or 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:
- Deposit from as low as 2%
- 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
- Choose what you buy; an established home or a new build
A low deposit home loan
With our low entry costs, you can get into a home of your own sooner.
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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.
- If eligible, 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.
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No lender's mortgage insurance
- Lender's mortgage insurance does not protect you as a borrower, it is an insurance policy to protect the lender.
- We don't charge lender's mortgage insurance. Combined with our low deposit, you face low entry costs so you can 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.
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We get you started
- We help you get into home ownership earlier with low 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 you may find a better solution at another lender. That's fine with us!
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.
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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
A low deposit shared 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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Low Deposit Home Loan FAQs
- Q What impact is coronavirus (COVID-19) having at Keystart?
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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.
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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.
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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.
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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/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?
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Q
Can I buy an established house?
A
Absolutely. Once you have conditional 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.
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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.
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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
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.
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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
Do I have to build a home or can I buy an existing home?
A
Once you have conditional 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.
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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.
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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 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!
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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.
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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.
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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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Q
Can I rent out my property?
A
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 and you're required to occupy the property as your principal place of residence.
However, we understand things change and you may find yourself in a situation where you are unable to stay in your home. If you have explored all options to either sell or refinance, you can contact us to discuss your circumstances. We look at each situation on a case by case basis.
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