Keystart is a WA Government initiative that aims to provide an affordable pathway for West Aussies into a home of their own.
What makes Keystart so unique, is that they provide low deposit home loans. This means that instead of saving a minimum of 5% of your home as your deposit, you can save as little as 2% which means you can start your home building journey quicker than you can say #goals
Keystart benefits include:
- Minimum deposit of 2% (compared to 5% with major lenders)
- No Lenders Mortgage Insurance (LMI)
- Reduced repayments during construction
- No monthly account fees
- Loans offered to those who have a poor credit rating, defaults or have declared bankruptcy
Find out if you Qualify Today
Keystart Eligibility Criteria
Earlier this year, Keystart made changes to their eligibility criteria by removing their Debt Servicing Ratio (DSR) requirement, meaning if you previously had a car loan, personal loan or credit card which exceeded 10% of your monthly income, then you would've said Hasta Luego to Keystart.
However, with DSR now a thing of the past, approval for Keystart just got a whole lot easier.
Keystart also increased the maximum income limits for all applicants who enter into a sales contract before the 31st of December 2019. So if you're a single and earn $105,000 or less, a couple and earn $130,000 or less or a family and earn $155,000 or less and buy a house and land package under $480,000, you have just a few short weeks to make the most of the increased income brackets before they go back down on the 1st of January 2020.
Still have questions about Keystart loans? View our FAQ's below.
Keystart Frequently Asked Questions
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 Keystart home loans?
To be eligible for a Keystart loan you will 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.
The easiest way to find out if you qualify is to complete 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 homebuyer, can I still get a keystart loan?
What is 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.
Keystart loans require lower deposits than traditional bank loans and Keystart doesn't charge lenders mortgage insurance.
Keystart is also a transitional lender, meaning that they encourage you to refinance your home loan with another lender when you are ready and able to.
- How do I apply for a keystart loan?
What is lender's mortgage insurance?
Lender's mortgage insurance (LMI) is an insurance policy that some borrower's need to pay to their lender (bank) in order to protect the lender in the case that 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.
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