Building your own home can sometimes feel like a pipe dream. The truth is, it’s a lot more doable than many people think – it just comes down to getting clear on your finances and knowing what help is available. The first step? Take a good, honest look at your money. That means what’s coming in each month, what’s going out on bills and living costs, and what debts or savings you already have. Once you know those numbers, you’ll get a clearer picture of how much you could borrow without stretching yourself too thin. You’ll also see what kind of deposit you could pull together – and deposits are usually the biggest speed bump for first-home buyers.

Here’s the good news: you don’t have to tackle that hurdle on your own. Both state and federal governments have programs designed to help people just like you get a foot on the property ladder.

In WA, Keystart is the main scheme for first-home buyers. It’s especially helpful for people on low-to-moderate incomes who might find saving a big deposit near impossible. With Keystart, you can sometimes get started with as little as a 2% deposit, and the best part is you don’t have to pay Lenders Mortgage Insurance (LMI) – the extra cost most banks charge if you don’t hit the 20% deposit mark. LMI can add thousands to your loan, so avoiding it is a huge win.

Keystart also has a few flexible options that can make things easier, like accepting gifted funds from family or allowing a guarantor. There are income and property price caps to make sure the scheme helps those who need it most, and you’ll need to live in the property you buy. Plus, Keystart has an online pre-qualification tool so you can quickly check if you’re eligible before you dive in.

At the national level, there’s the Home Guarantee Scheme, which is like a toolkit with a few different options depending on your situation. The First Home Guarantee lets eligible buyers purchase with just a 5% deposit and no LMI. The Family Home Guarantee is designed for single parents and can get you in with as little as 2% deposit, while the Regional First Home Buyer Guarantee supports buyers outside the big cities. These schemes can be a game-changer, but they do come with their own rules around income, property prices, and whether you’ve owned before. You can check all the fine print through the official Home Guarantee Scheme site.

So, which one’s better – Keystart or the national guarantees? Honestly, it depends on your situation. Keystart is a fantastic stepping stone for those who just need that lower deposit and simpler path to get started. The national schemes, on the other hand, give you more choice of banks and loan products, and sometimes a lower interest rate in the long run. It’s all about matching your financial picture with the right support.

Even with these schemes, it’s still worth thinking about the benefits of saving a bigger deposit if you can. A 20% deposit not only wipes out LMI altogether but can also get you better interest rates and smaller loan repayments. It’s not always realistic to wait until you hit that magic number, but if you’re close, it can make a big difference to your long-term finances.

At the end of the day, owning a home is a mix of smart planning, using the help that’s available, and making sure your budget works for you now and into the future. With programs like Keystart and the Home Guarantee Scheme in your corner, that “someday” dream of homeownership might be closer than you think.

We offer a Free Finance Check to help you get a clear picture of your finances and see your options. This includes estimating potential loan amounts and repayments, finding affordable land locations and sizes, and planning a build that fits your budget. Reach out to our team today and take the first step toward your new home!