Deposit Options
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.
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*.
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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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.
