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 loan include:
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
Find out if you qualify for a Keystart home loan today.
Do I qualify for Keystart Finance?
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.
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.
What is Keystart?
Keystart is a WA government initiative designed to help people get into their own home faster by reducing entry costs. Keystart offers low deposit home loans with no lender's mortgage insurance.
Who is eligible for a Keystart home loan?
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.
Do I qualify for a Keystart loan?
If you meet the minimum requirements for Keystart above, then you may qualify for a Keystart loan.
Do the easy part and find out for sure by completing our "Do I Qualify" form, where one of our finance specialists will get in touch to help find out if you qualify.
I'm not a first home buyer, can I still get a Keystart 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.
What's the difference between a Keystart 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.
What is Lender's 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.
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.
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.
First Home Owners Grant
Wondering what the First Home Owners grant is? And how do you apply? Here are the answers, made easy.
Finance and Home Loan Advice for First Home Buyers
No Savings Home Loans
No savings? No worries! We can help you get into a home of your own, even if you don’t have any savings put by. Easy as.
What can I borrow?
Here’s a quick and easy way to find out how much you can borrow and the finance options are available to you.
Easystart Homes' finance partner is Westgate Financial Services. ACL 410232 ABN 38 148 074 864