Keystart is the Western Australian Government’s home loan lender. It helps eligible owner-occupiers buy or build a home with lower entry costs. Its Low Deposit Home Loan starts with a 2% deposit and has no lender’s mortgage insurance. Qualification depends on the loan, household finances and property.
The smaller deposit reduces the savings needed to enter the market. Ongoing interest and ownership costs still determine whether repayments fit your budget.
What Keystart Offers WA Buyers
Keystart has ordinary low-deposit loans and shared ownership loans, where the Housing Authority owns part of the property. The distinction changes how much you borrow and what happens when you sell or refinance.
- The Low Deposit Home Loan covers established homes and new builds, including modular homes.
- Skilled Start has a discounted variable rate for eligible apprentices, recent graduates and specified workers early in their careers.
- Urban Connect covers eligible apartments across WA. Urban Connect Plus separately funds a developer’s deposit for an off-the-plan apartment. Finance for the completed purchase requires another assessment.
- Urban Connect Shared Equity covers eligible new homes and off-the-plan properties. The Housing Authority contributes up to $250,000 and co-owns a share.
- Shared Ownership includes pathways with different circumstances and ownership rules. Keystart also lists Aboriginal Home Loan and Access Home Loan options for eligible applicants.
The Aboriginal Home Loan supports Aboriginal and Torres Strait Islander buyers through full or shared ownership. The Access Home Loan is for a permanent disability affecting housing needs, including care for a dependant with that disability. Its shared ownership structure includes a Housing Authority share.
Keystart’s loan comparison lists no LMI or monthly account-keeping fees across its range. Lower entry costs do not establish that a loan has the lowest total cost.
Check Income, Property and Ownership Rules
For the Low Deposit Home Loan, Keystart’s basic requirements include being over 18, an Australian citizen or permanent resident and living in WA. You must intend to live in the home. Its product page allows previous homeowners to apply if they do not currently own or part-own another home or land.
Apply as a couple if you live with a partner, as Keystart’s application guidance requires. Keystart accepts some Centrelink payments as income for its Low Deposit Home Loan. How much you can borrow depends on the income Keystart accepts, your living expenses and your existing debts.
Keystart publishes these income and property limits for selected products. The figures are ceilings for eligibility, not amounts every applicant can borrow.
| Product and region | Single income limit | Couple or family income limit | Property price limit |
|---|---|---|---|
| Low Deposit, metro and regional areas outside Kimberley and Pilbara | $155,000 | $228,000 | $860,000 |
| Low Deposit, Kimberley and Pilbara | $225,000 | $285,000 | $860,000 |
| Shared Ownership, all WA regions | $128,000 | $197,000 | $720,000 |
| Urban Connect Shared Equity, all WA regions | $128,000 | $197,000 | $800,000 |
Skilled Start has separate occupation or qualification rules. At least one joint applicant must meet them. Its property limits are $700,000 for established homes and $750,000 for qualifying new homes or builds.
Property type matters as well as price. Urban Connect is for apartments, while Urban Connect Shared Equity has conditions for eligible new dwellings and land. A property within a price ceiling can still fail the selected product’s rules.
For a house-and-land or modular enquiry, start with the Low Deposit product’s income and ownership rules above. Its deposit is the higher of 2% or $2,000. Give Keystart the land price and building cost together so it can assess the proposed property against the applicable ceiling. An eligible modular home still needs construction approval under the selected loan.
A shared-equity enquiry uses that scheme’s own income and property limits, rather than the ordinary Low Deposit ceilings. The Housing Authority’s share changes your borrowing requirement and ownership obligations. Use Keystart’s official borrowing tool below for a personal indication, then have the lender assess the property and construction proposal.
Compare Upfront Savings and Ongoing Cost
Compare the cash needed to settle separately from the cost of repaying the loan. Keystart’s Low Deposit product states a deposit of the higher of 2% or $2,000. Allow additional cash for applicable duty, conveyancing, inspections and settlement costs.
For a hypothetical $600,000 purchase, a 2% deposit is $12,000. A 5% deposit would be $30,000, a difference of $18,000 before other costs. This comparison describes deposit requirements only. It does not establish approval or which loan is cheaper over time.
Keystart’s loans have variable interest rates, so repayments can change. Its interest-rate guide explains the relationship with the RBA cash rate. Skilled Start has a discount on Keystart’s standard variable rate.
Use the rate for the selected product in a repayment comparison with the same loan amount and remaining term. Generate a Key Facts Sheet to compare interest and included fees. A comparison rate excludes some costs, so include any separate charges in your cash budget.
Before choosing, compare extra repayment rules and access to money paid ahead. Confirm whether the proposed loan has the redraw or offset arrangements you need. Shared ownership also leaves you responsible for rates, insurance and maintenance, even though you borrow against a smaller share.
Prepare and Submit an Application
Start with Keystart’s eligibility and borrowing tools, then progress to a documented application. A calculator result or pre-qualification indication does not approve a particular property.
- Enter the household and property details in Keystart’s borrowing tool. Choose the relevant product and region.
- Prepare evidence of identity and income, plus savings, liabilities and actual living expenses. Include qualification or employment evidence when applying for Skilled Start.
- Apply directly or through an accredited broker. Brokers use the Keystart broker hub to confirm accreditation, product distribution and submission instructions.
- Obtain conditional approval and read its conditions before committing to a property purchase. The borrowing ceiling and outstanding requirements determine what can proceed.
- Provide the property details and satisfy the remaining conditions for formal approval. Review the loan documents and arrange settlement through the relevant settlement agents.
For borrower enquiries, use Keystart’s contact page or call 1300 578 278. Have your application reference, applicant names and proposed property ready. Ask what evidence remains outstanding and which assessment stage your application has reached.
The official Application Tracker opens a separate sign-in service. Use the access Keystart provides for your application. If you cannot sign in, contact Keystart or your submitting broker for a status enquiry.
Brokers use the Keystart Broker Portal with a username and password. This is separate from the borrower’s tracker. New brokers follow Keystart’s accreditation and access instructions, starting with Broker Support. If credentials are missing, contact that team on 1300 366 055. The portal also has a username/password recovery option.
If an eligibility result is unsuitable, identify the failed condition before preparing a full application. For example, a property above a product ceiling needs a different purchase budget or lending option. A suitable income figure cannot override that ceiling.
Review the Loan as Your Position Changes
A later refinance requires a new lender’s assessment of your finances and the property. Keystart encourages customers to consider moving on when suitable, but there is no automatic transfer after a set period.
For an ordinary loan, equity is the property’s assessed value less the outstanding debt. Repayments can increase equity, while a falling property value can reduce it. The new lender also assesses income, expenses and credit history against its lending policy.
Use a written comparison of the new loan’s repayments and switching costs. Include discharge and establishment charges, valuation costs and any LMI. Keeping the remaining term comparable avoids making a longer repayment period look like an interest saving.
Shared ownership needs a separate check. Keystart’s shared ownership refinance guide distinguishes flexible and fixed ownership arrangements. A flexible arrangement requires finance for both the Keystart balance and the Housing Authority’s share at its current value. A fixed shared ownership arrangement does not allow refinancing to another lender.
Before proceeding, establish the ownership arrangement and obtain the payout figures. Compare them with the new lender’s valuation and approved loan amount so the proposed refinance covers the full settlement requirement.
