Keystart is a WA Government-backed lender that has been helping Western Australians buy their own home for more than 30 years. It's designed for people who can afford home loan repayments but haven't been able to save a large deposit.
Keystart is on our lender panel, so we can apply for a Keystart loan for you. More importantly, we'll compare it against bank options like the 5% Deposit Scheme, so you can see which one leaves you better off.
How Keystart works
- Small deposit. Buy with a deposit from 2% of the purchase price.
- No Lenders Mortgage Insurance. That can save you thousands compared with a low deposit bank loan.
- Buy or build. Use Keystart for an established home, a new home, house and land, or to build.
- Grants still apply. You can use Keystart alongside the First Home Owner Grant and stamp duty concessions if you're eligible.
Who can apply
To be eligible for a Keystart loan, you generally need to:
- Be 18 or over and an Australian citizen or permanent resident
- Be buying or building a home in WA to live in, not as an investment
- Not own or part-own any other property or land
- Be within Keystart's income and property price limits
- Be able to show you can afford the repayments
You don't have to be a first home buyer. If you've owned a home before but don't now, you may still qualify.
Keystart limits
These limits took effect on 15 April 2026. Keystart reviews them against Perth property prices, so check with us for the latest figures.
| Loan | Price limit | Income limit (single) | Income limit (couple or family) |
|---|---|---|---|
| Low Deposit Home Loan | $860,000 | $155,000 | $228,000 |
| Low Deposit Home Loan (Kimberley and Pilbara) | $860,000 | $225,000 | $285,000 |
| Urban Connect Home Loan (apartments) | $800,000 | $155,000 | $228,000 |
| Shared Ownership Home Loan | $720,000 | $128,000 | $197,000 |
Keystart or a bank loan?
Keystart is a great option for many buyers, but it isn't automatically the best one. Here's how it compares with a bank loan through the 5% Deposit Scheme.
Keystart
- Deposits from 2%
- No LMI
- Available to non-first home buyers who don't own property
- Interest rates can be higher than some bank rates
Bank loan with the 5% Deposit Scheme
- Deposits from 5%
- No LMI
- Choice of lenders, rates and loan features like offset accounts
- Price cap of $850,000 in Perth
Many Keystart borrowers refinance to a bank once they've built up equity in their home, which can mean a lower rate. We'll keep an eye on your loan and let you know when that might make sense.
How we help
- Check your eligibility for Keystart and the 5% Deposit Scheme
- Compare the total cost of each option, not just the deposit
- Get you pre-approved so you can make offers with confidence
- Manage your application through to settlement