Low deposit options for first homebuyers
Get into your own home with as little as 2%*. With a wide range of low deposit options available for first home buyers in Perth and the South West. Together with our partners at Resolve Finance, let’s see how you could get into your own home sooner.
Keystart
Thanks to the West Australian Government, Keystart offer a unique finance solution for first homebuyers to help them get into their own home from as little as a 2% deposit*.
Plus, with no Lenders Mortgage Insurance (LMI) and the ability to use your First Home Owners Grant (FHOG)^ towards your home deposit when you build a new home, you could be getting into a place of your own sooner than you think.
Government Initiatives
Not eligible for Keystart? No need to stress, if you’re a first homebuyer, second homebuyers, single parent, permanent resident, or live regionally, with the help of Government Initiatives, you could be getting into your home sooner.
Check them out below ⬇
First Home Buyers Guarantee
First homebuyers – The First Home Guarantee scheme is giving more West Australian first homebuyers the chance to own their own home with just a 5% deposit and no Lenders Mortgage Insurance~.
- Income limits: Single: $125k, Joint: $200k
- Property Price Cap:
- $600K WA metro, $450K WA other
Family Home Guarantee
Single parents and legal guardians – You could see your new home ownership dreams come true with a deposit of just 2% and no LMI~.
- Available to single parents supporting a family. This includes legal guardians such as grandparents, aunts and uncles
- Allows customers to borrow up to 98% of the property value (that means a deposit of only 2%!)
Regional Home Guarantee
Regional first homebuyers – homebuyers in regional areas who haven’t owned a home for the last 10 years (or ever) could get into your own home with just a 5% deposit and no LMI~– saving you big bucks! How good is that?
- Allows customers to borrow 95% of the property value (that’s a 5% deposit~)
- Available to Australian Citizens and Permanent Residents & New Zealand citizens who hold a Special Category Visa Subclass 444 (SCV) are eligible, subject to meeting all other eligibility criteria.
It’s all happening in the homebuyers space. Want to know more? Chat to one of our New Homes Consultants. Together with our partners, Resolve Finance, we can help you take advantage of these Government initiatives and get into your own home sooner.
Lenders mortgage insurance (LMI) is one way to buy a property without having a 20% deposit typically required by banks and lenders.
It’s a premium that you pay the lender in exchange for them providing you with a home loan with a smaller deposit. Some lenders will provide home loans with just 5% deposit, if LMI is paid.
More questions about all the finance stuff? Talk to our partners, Resolve Finance.
They’re the experts when it comes to construction loans and all things finance. We can put you in touch with one of our amazing Resolve Finance Brokers, just fill in your details above.
*This doesn’t consider your personal needs & financial circumstances, consider what’s appropriate for you. Lenders terms & conditions apply & may vary. All financial services provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378 Australian Credit Licence No. 385487.
*Eligibility is at the discretion of Keystart. For full details please head to their page: https://www.keystart.com.au or speak to your mortgage broker.
^Eligibility criteria applies for the First Home Owners Grant. For more information visit https://www.wa.gov.au/organisation/department-of-finance/fhog.
~Eligibility at the discretion of State and/or Federal Government. Please refer to Government websites for further information: https://www.housingaustralia.gov.au/support-buy-home. Lender terms and conditions apply.
Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No.385487.