Our ultimate guide to Keystart’s low deposit home loans in Perth

17 May 2019

Exciting news for homebuyers in Western Australia! Keystart has increased their income limits for its low deposit home loan, so you can get into a home of your own sooner than you thought. The news comes after the State Government announced its plan to help more Western Australians achieve their dream of homeownership. To give you an understanding, here’s everything you need to know about Keystart’s Low Deposit Home Loan.


What is the Keystart Low Deposit Home Loan?

Keystart was established in 1989 to assist Western Australians unable to obtain finance through mainstream lenders to buy a home of their own. This was achieved by lowering the entry  costs rather than offering the lowest interest rate on the market through a variety of low deposit home loan options.

One of these options is the Keystart Low Deposit Home Loan. The Keystart Low Deposit Home Loan is a variable interest rate loan which can be used by owner-occupiers to buy an established home or build a new house in Western Australia. Some of the main benefits of the Keystart Low Deposit Home Loan are:

– Only requires a 2% deposit

– Lenders mortgage insurance (LMI) saving you thousands

– Loans to those who’ve had defaults or been bankrupt (conditions apply)

– Support is available when you need it


What are the new changes?

To help you reach your homeownership dream sooner, Keystart have recently announced that it’s increasing the maximum income limits for its low deposit home loan. The income limits will increase by $15,000 for singles and couples and $20,000 for families.

This means if you’ve previously wanted to apply for Keystart’s Low Deposit Home Loan, but your household income was above the eligibility criteria’s income limit, you may now be eligible.

Under the changes, your yearly income ( when you buy or build a home valued up to $480,000 in the Perth Metro Area) can be up to:

– $105,000 for singles

– $130,000 for couples

– $155,000 for families

The changes will come into effect on 1 July 2019 until 31 December 2019. The income limits will then revert back to the current levels from 1 January 2020 – so the time to purchase property in Perth is right now.

*Please note: “The increased income limits will be available to all applicants who enter into sales contracts to purchase an established property or build a new home from 1 July 2019 until 31 December 2019. Keystart will accept applications using the higher income limits from 1 May 2019 to give consumers confidence they can begin their search for a home knowing what they may be eligible to borrow. The sales contract must settle after 1 July 2019. The income limits will then revert to the current levels from 1 January 2020.”  – Keystart, May 1, 2019
*Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice.


Who can qualify for the loan?

With a low deposit, you’ll be able to reach your homeownership dream sooner – so what’s stopping you? If you want to apply for the Keystart Low Deposit Home Loan, save some time down the line and check if you meet the basic eligibility criteria first. To apply for this loan, you must be:

– Over the age of 18

– A permanent resident of Australia

– Living in WA and wanting to buy or build a home here

– Planning on living in your home and not renting it out

– Not a homeowner already and not looking to buy an extra property

To see if you qualify, contact The Loan Company who will help you every step of the way. Keep in mind they’ll ask about your income and expenses so you may wish to have that information handy. Some of this will include:

– Income and other payments

– Bank accounts

– Credit or store cards

– Any funds gifted to you

– Rent history

– ID


How can Now Living Realty help?

Now Living Realty work with The Loan Company* and Keystart^ to sell both full and shared ownership homes. Delivering 1100 sales over the past 4 years, over 600 of these have been shared ownership through Keystart. We’re proud to work alongside both The Loan Company and Keystart in assisting Western Australians get into their own homes sooner and cannot wait to help you on your very own journey.

To find out more information, contact us today. One of our sales representatives will then pass you onto an accredited finance professional at The Loan Company to help you with your finance journey.


*Harrisdale Pty Ltd trading as The Loan Company. Australian Credit Licence Number 386355. Now Living Realty provides The Loan Company with referrals, who are licenced Mortgage Brokers.
^Keystart Loans Ltd Australian Credit Licence 381437. Now Living Realty provides Keystart with referrals, who is the provider of credit assistance. Now Living Realty does not receive any benefits from this relationship.