Keystart home loans
If you’re a Western Australian resident hoping to buy with a 2% deposit and no LMI, Keystart might have an option for you.
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9+
Excellent
These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
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 theseKeystart loan features
- Location: Available to WA residents only
- Deposit: From as low as 2% (or $2,000, whichever is higher)
- LMI: Lender's Mortgage Insurance (LMI) is not required
- Eligibility: First home buyers, low-to-moderate income, and you must live in the home you buy
- Flexibility: Home loan repayments can be made weekly, fortnightly or monthly
- Shared ownership option: You can choose to co-own your property with WA's Housing Association and then buy that share later
Who is Keystart best for?
- First home buyers
- Buyers in Western Australia
- Borrowers not eligible for standard bank loans
- Borrowers looking for shared ownership to lower costs
What products does Keystart offer?
Low deposit home loan
his 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.
Shared ownership home loan
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.
Aboriginal home loan
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.
Urban Connect home loan
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.
How do I apply for a Keystart home loan?
You can apply for a Keystart loan on their website, or speak with one of their home loan specialists.
Before you apply make sure you meet the eligibility requirements like maximum income thresholds and property locations.
Steps to apply:
1. Work out your borrowing power
2. Gather identification documents, evidence of income and savings details
3. Complete your application online or by phone
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