Keystart.
Last updated 14 June 2026 · figures current as at June 2026, confirm with Keystart.
Keystart is the Western Australian Government low-deposit home lender. In 2026 it lets eligible owner-occupiers buy or build with a deposit from 2% and no Lenders Mortgage Insurance, subject to income limits of $155,000 single and $228,000 couple or family, and a property price cap of $860,000. It is a stepping stone, with most borrowers refinancing out as equity grows.
What Keystart offers.
| Detail | 2026 position | Confidence |
|---|---|---|
| Deposit required | From 2% | High |
| Lenders Mortgage Insurance | None | High |
| Income limit - single | $155,000 (from April 2026) | High |
| Income limit - couple or family | $228,000 (from April 2026) | High |
| Property price cap (metro and regional) | $860,000 | High |
| Lender | Keystart, a WA Government low-deposit lender | High |
| Indicative interest rate | Variable, around 7.10% | Verify current figure |
| Transition path | Refinance to a mainstream lender as equity grows | High |
The Keystart interest rate is variable and verify-current. Confirm the current rate, income limits and price cap with Keystart before relying on them.
The eligibility checklist.
- Your household income is at or under the limit ($155,000 single, $228,000 couple or family).
- The property price is at or under the $860,000 cap.
- You have a deposit from 2% of the purchase price, in genuine savings.
- You will live in the home as your principal place of residence (Keystart is for owner-occupiers).
- You do not own other property, and you meet Keystart's residency and credit requirements.
- You understand the Keystart rate is variable and you plan to refinance out as your equity grows.
A worked example on a low deposit.
On an eligible $440,000 new home, a 2% Keystart deposit is about $8,800, with no LMI. Add the $10,000 First Home Owner Grant toward costs and nil stamp duty (the home is under the current $500,000 nil-duty threshold), and a first-home buyer with limited savings can reach settlement that would be out of reach on a 20% deposit of $88,000.
| Item | Amount | Note |
|---|---|---|
| New home value | $440,000 | Under the $860,000 Keystart cap |
| Standard 20% deposit | $88,000 | For comparison |
| Deposit at 2% | ~$8,800 | Keystart minimum |
| LMI | $0 | Not charged on Keystart loans |
| First Home Owner Grant | +$10,000 | Offsets deposit and costs |
| Transfer duty | $0 | Nil under the current $500,000 threshold |
Worked example for illustration only, not a quote or an offer of finance. This is general information only and does not take into account your objectives, financial situation or needs. It is not credit assistance or a credit quote. Consider whether it is right for you and seek advice. Finance is arranged through Central Lending Solutions, the licensed credit partner The Property Plug works with (Australian Credit Licence or credit representative number [TBC]).
All 46 of The Property Plug's new-home designs sit well under the $860,000 Keystart cap, so a 2% deposit pathway is available across the catalogue. Our finance arm can map the Keystart entry and the refinance exit as one plan, so the low-deposit start does not become a high-rate trap. We are paid by the builder, never by you.
- First Home Guarantee - the 5% deposit alternative.
- How much deposit do I need? - the full breakdown.
- Deposit and LMI calculator - compare deposit sizes.
- Combine your first home incentives - stack grant and duty.
What deposit do I need with Keystart in 2026?
Keystart, the WA Government low-deposit lender, allows a deposit from 2% with no Lenders Mortgage Insurance, subject to income and property-price limits. On a $450,000 build a 2% deposit is about $9,000. Confirm current terms with Keystart before relying on them.
What are the Keystart income limits in 2026?
From April 2026 the income limits are $155,000 for a single applicant and $228,000 for a couple or family. The property price cap is $860,000 across metro and regional WA. These limits are reviewed periodically, so confirm the current figures with Keystart.
Can I use the $10,000 grant with a Keystart loan?
Yes. The First Home Owner Grant and the WA stamp duty concession are separate from your lender, so they can apply alongside a Keystart loan on an eligible new build. The grant can contribute toward your deposit or settlement costs.
Is Keystart a long-term loan?
Keystart is designed as a stepping stone. Its variable rate sits above the sharpest mainstream rates, and most borrowers refinance to a standard lender once they hold enough equity, typically around 20%. The Property Plug finance arm can map that transition as part of your plan.
Keystart or the First Home Guarantee?
Keystart allows a lower 2% deposit but applies income caps and a variable rate through a single WA Government lender. The First Home Guarantee allows a 5% deposit with no income cap through a participating bank. The better fit depends on your deposit size, income and how quickly you expect to refinance.
Build with a 2% deposit
Tell us your income, savings and where you want to build. We confirm whether Keystart fits, map the refinance path, and match you to eligible new builds. Free to you, no obligation.