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Keystart Home Loans

How do Keystart home loans work? The name may be familiar, but do you know exactly what Keystart is?

What Is Keystart?

Keystart is a WA Government initiative designed to help get you into your first new home faster and easier by lowering the entry costs.

With Keystart, there’s no lender’s mortgage insurance. And instead of saving a minimum 5% of your home as a deposit, you can save as little as 2%.

Add it all up, and this means you can start your home building journey a whole lot quicker. The hardest part will be telling your housemates.

Benefits of a Keystart home Loans

  • Minimum deposit of 2% (compared to 5% with major lenders)
  • Minimum deposit of 2% (compared to 5% with major lenders)
  • No genuine savings
  • No Lenders Mortgage Insurance (LMI), saving you thousands
  • Reduced repayments during construction
  • No monthly account fees
  • Home loans are offered to those who have a poor credit rating, defaults or have declared bankruptcy

Check Your Keystart Eligibility

Check if you are eligible for a Keystart home loan

Your fortnightly income:
Partner's fortnightly income (if you have one):
Savings you have:
Fortnightly repayments (credit card, Afterpay, car loan):

Keystart Loans: Requirements & Conditions. 

Over the last year or so, Keystart have it easier for West Australians to fulfil their dream of home ownership through changes in their lending conditions.


To be eligible for a Keystart loan, you’ll need to meet the following requirements as a minimum:

  • be 18 years or older
  • be an Australian Citizen or Permanent Resident
  • be living in Western Australia and wanting to buy or build here
  • have an income within our maximum limits (check our other FAQ's)
  • not own another home or land at the time of settlement of your Keystart loan
  • plan to live in your home for the duration of your loan with Keystart
  • have enough funds available to cover all costs associated with the purchase, including your deposit, fees and any moving costs.

Income Limits

The income limits that applicants have to meet have temporarily increased. This means that if you didn’t meet the eligibility criteria for the Keystart Low Deposit Home Loan before, you could now!

  • The income limit for singles is now $105,000 – previously $90,000
  • The income limit for couples is now $130,000 – previously $115,000
  • The income limit for a family is now $155,000 – previously $135,000

These increased limits are applicable to contracts of sale entered into in the Perth Metro area, different income limits apply for regional areas.

Still got Keystart questions? Check out our FAQs below.

  • I'm not a first home buyer, can I still get a Keystart home loan?

    Yes! Keystart loans aren't just for first home buyers. However, you will still need to meet the minimum requirements in order to be eligible.

    Do I qualify?

  • What is the difference between a Keystart home loan and a bank loan

    Keystart loans are unique as they are specifically designed to lower the entry costs, helping you get into a home faster (and easier).

    Keystart loans require lower deposits than traditional bank loans and do not charge lenders mortgage insurance.

    Keystart is also a transitional lender, meaning they encourage you to refinance your home loan with another lender when you are ready and able to do so.

  • How do I apply for a Keystart loan?

    Before applying for a Keystart loan, we would recommend finding out if you qualify first.

    Easystart Homes has helped thousands of people just like you get approved for finance as well as building their new home.

    If you’d like to get started, find out if you qualify here.

  • Can I refinance a Keystart Loan?

    Yes! Keystart is a transitional lender, which means that they encourage all home buyers to refinance as soon as they’re financially ready. Depending on your financial goals and situation, you may wish to refinance your loan in order to find a better interest rate or get access to loan features such as flexible repayments.

  • What is lenders mortgage insurance?

    Lender's Mortgage Insurance (LMI) is an insurance policy that some borrowers need to pay to their lender (bank) in order to protect the lender in case the borrower (you) can't afford to meet the home loan repayments.

    If the borrower defaults on their loan and the sale of the property doesn't cover the unpaid value of the mortgage, lenders will claim on the LMI policy to make up the difference.

  • Do I need to worry about debt servicing ratio?

    Nope! A few years ago, Keystart made changes to their eligibility criteria by removing their Debt Servicing Ratio (DSR) requirement.  This meant that if you previously had a car loan, personal loan or credit card which exceeded 10% of your monthly income, you’d have to say ‘see you later’ to Keystart.

    However, with DSR now a thing of the past, approval for Keystart just got a whole lot easier.

Easystart Homes' finance partner is Westgate Financial Services.  ACL 410232   ABN 38 148 074 864