Keystart is the WA Government backed lender that has helped Western Australians into ownership since 1989. Its job is simple: get you in with a small deposit and no lenders mortgage insurance, then let you refinance to a mainstream bank once you have built some equity.

The key settings

Loans start from a 2 per cent deposit with no lenders mortgage insurance. From 15 April 2026 the Perth metropolitan property price cap is $860,000, and the income limits are $155,000 for singles and $228,000 for couples and families. The trade-off is the interest rate, which sits meaningfully above the sharpest bank rates. Keystart is open about being a stepping stone: most customers refinance to a cheaper lender within a few years, taking the equity they have built with them.

Who it suits

Buyers with reliable income but a small deposit, and people who do not qualify for the mainstream schemes. You do not have to be a first home buyer. The requirement is that you do not currently own property or land, so it also serves people starting again after a relationship breakdown or a financial setback.

The move-in rule

Keystart’s standard loans are for the property you are going to live in, so a sitting tenancy needs to end before or shortly after settlement. If you are looking at a tenanted property, talk to Keystart about your timing before you commit, and see how the schemes compare on our First Home Buyers page.

Back to the First Home Buyers page, or contact us to hear about properties that fit before they hit the portals.

General information only, not financial advice. Confirm current rates, caps, and limits with Keystart directly. Settings as at August 2026.