Since the inception of the WA State Government Keystart initiative in 1989, home ownership has become a reality for many who thought it was out of their reach. By reducing the deposit required and waiving Lenders Mortgage Insurance the scheme was a huge success and allowed many West Aussies the financial security they may not have thought was possible.

The main benefits of using Keystart as your home loan lender is you will only need a small deposit with the average being a few thousand dollars. Most banks will require a minimum 5% deposit however with Keystart this could be as little as 2% once eligibility criteria is met. Even if you were unable to qualify for whole ownership then you could also access the Shared Ownership scheme and still achieve your goals.

So how do you know if you are eligible for a Keystart Home Loan?

As of August 2020, the income-based criteria to qualify for a metro build allows for the maximum income for a single applicant to not exceed $105,000 per annum, this then changes to $130,000 per couple and the family income threshold is $155,000. To see if you qualify, Keystart have very helpful online tools and calculators.

Sound to good to be true?

While not a part of Keystart loans, Lenders Mortgage Insurance is typically in the thousands and added to the loan amount. Due to this, Keystart loans tend to have a slightly higher interest rate than the big banks however once you have built enough equity in your home, you can look at refinancing and getting a better deal elsewhere. The initiative is not meant to replace a long term home loan with a bank but will assist in getting you into your first home sooner.

If this sounds like something you might be interested in, please feel free to get in touch and I can answer any other questions you might have.

For more information about Keystart visit their website at

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