How much deposit do you need for a house in WA?
Smarter deposit options to help you build your first home
Saving a deposit can feel like the biggest hurdle to buying your first home, but it doesn’t have to slow you down. In Western Australia, there are a range of low-deposit pathways designed to help first-home builders get started sooner.
There’s no single deposit figure that applies to every first home buyer in WA. What you need depends on the lender, the loan and the value of the home you build.
Through Keystart’s low-deposit home loan, you may be able to start with as little as 2%. You’ll need to meet Keystart’s eligibility rules, and we’ll help you check where you stand.
From Keystart loans to guarantor home loan options, you may be closer to building than you think. Here at Step 1 Homes, we work alongside trusted finance partners who understand the first-home journey and can help you explore the most suitable deposit option for your situation, with clear advice and no confusion.
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Low-deposit pathways for first home buyers
You may be able to start your home ownership journey with a deposit as low as 2% if you qualify for Keystart’s low-deposit home loan. Keystart also don’t charge lender’s mortgage insurance (LMI) on that loan type. LMI is the extra cost most lenders add when your deposit is small. Not paying it keeps your upfront costs down.
Another flexible pathway is a guarantor home loan, where a family member offers equity in their property to help you qualify. That can reduce the amount you need to save in cash and potentially avoid LMI. We’ll help you explore which paths are open to you, talk through how much deposit you might realistically need and guide you toward decisions you feel confident in.
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How the First Home Owner Grant fits with your deposit in WA
The First Home Owner Grant is a one-off $10,000 payment from the Western Australian Government. It’s for eligible first home buyers building a new home. It’s separate from your deposit, so it won’t replace what you save.
It can help with the cost of getting started. Used alongside a low deposit loan, it can bring your first build within reach sooner.
Eligibility depends on things like the type of home and whether you’ve owned property before. You’ll find more detail on our first home buyers grant page, and we’ll check where you stand when we talk.
Why the amount you save still matters
While a lower deposit can get you started sooner, saving more upfront can give you stronger options. A larger deposit may reduce the amount you borrow, which can affect your monthly repayments and make them more comfortable. If you have more savings, it might broaden the range of lenders you can access.
How we’ll support your deposit journey
We start with a chat to understand your savings, your timeline and your goals. Working together with our trusted finance partners at CLS, we’ll explain your options in simple terms, highlighting the grants you might be eligible for and showing you a deposit pathway that best fits your situation. You’ll know what you’re starting with and what the next step is.
Deposit questions from first home buyers in WA
Do you need a 20% deposit to build a home in WA?
Not always. Low deposit pathways in Western Australia are designed for people who haven’t saved that much. Keystart’s low-deposit home loan and guarantor home loans are the two we talk through most often with first home builders. Which one suits you comes down to your savings, your income and who can support you.
Can you build a home in WA with a 2% deposit?
You may be able to, through Keystart’s low-deposit home loan. Keystart is a Western Australian lender that offers low deposit home loans. It doesn’t charge lender’s mortgage insurance on that loan type. Keystart sets its own rules on who can apply, so the first step is checking whether you qualify. We’ll do that with you before you commit to anything.
How does a guarantor home loan work?
A family member offers equity in their own property as extra security for your loan. That can reduce the cash deposit you need to save, and it may help you avoid lender’s mortgage insurance. Your guarantor takes on a real responsibility, so it’s worth talking it through as a family first. We can walk you and your guarantor through what it means before you decide.
Are there income limits on a Keystart home loan?
Yes. Keystart sets income limits and a maximum property price, and both can change. We’ll check the current figures with you and tell you plainly whether you fit. If you don’t, we’ll look at the other pathways open to you, including a guarantor home loan.
What deposit do you need to start building with Step 1 Homes?
The first step isn’t a set figure, it’s a conversation. We’ll look at your savings, your timeline and your goals, then show you which pathways are open to you. We do that alongside our finance partners at CLS, who help explain the finance side in simple terms. From there, you’ll know exactly where you stand before you commit to anything.
