Keystart is a lender based in Western Australia which offers low deposit home loan options to help eligible individuals and families own homes sooner. Borrowers can buy a home with as little as a 2% deposit without lender's mortgage insurance (LMI), as long as they will live in the home.
Interest rates are higher than standard bank loans. This is because of the added risk to the lender when you borrow with such a low deposit. Typically with home loans, the more of a deposit you have the lower interest rates you can get.
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How we picked thesehis home loan allows borrowers to purchase property with just a 2% deposit and no lender's mortgage insurance.
To take out this loan borrowers in metro and regional areas must earn a maximum of $148,000 for solo borrowers and a combined income of no more than $218,000 for couples/families. In the Kimberley and Pilbara regions, solo borrowers must earn no more than $225,000 and couples/families must earn no more than $285,000.
With this home loan you'll co-own a share of the property with WA's Housing Authority. You can still buy with as little as a 2% deposit and no LMI.
Solo borrowers must earn an income of less than $123,000, dual applicants and families must earn less than a combined income of $189,000.
Keystart has a dedicated Aboriginal home ownership team, helping borrowers take out either a full ownership loan or a shared ownership loan. You can use a deposit of 2% or $2000 (whichever is higher) and there's no lender's mortgage insurance.
Income limits are the same as the low deposit home loan. Borrowers in metro and regional areas must earn a maximum of $148,000 for solo borrowers and a combined income of no more than $218,000 for couples/families. In the Kimberley and Pilbara regions, solo borrowers must earn no more than $225,000 and couples/families must earn no more than $285,000.
This home loan is for borrowers wanting to buy medium and high-density apartments in the inner metro area. As with Keystart's other loans, borrowers can use a deposit as low as 2% and no LMI.
Solo borrowers must earn no more than $180,000, while couples/families must earn no more than $200,000.
📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.
📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
📄 Proof of income documents. Recent payslips can establish your income.
📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).
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