Higher Limits Mean More Perth Buyers Can Get Into a New Home
Good news is coming in hot and we are absolutely here for it.
The WA Government just announced an update to Keystart’s property price limits, effective April 2026. For first home buyers in Perth, this is genuinely worth getting excited about. More homes now fall within Keystart’s reach, which means more buyers can access one of the best low-deposit loan options in the country.
Let’s break it down.
First Up: What Is Keystart, Actually?
If Keystart isn’t already on your radar, consider this your sign to pay attention.
Keystart is WA’s government-backed home loan, designed specifically to help Western Australians (especially first home buyers) get into the market without needing a huge deposit. We’re talking as little as 2% deposit with zero Lenders Mortgage Insurance (LMI). That’s not a typo.
On an $860,000 home, that’s just $17,200 to get started. While the rest of the lending world is asking you to save 10% or 20% (plus LMI on top), Keystart is out here saying: “Nah, we’ve got you.”
It’s one of the most underrated tools available to Perth buyers, and it just levelled up.
What Changed: The New Keystart Limits
The WA Government has increased Keystart’s property price limits to reflect the current REIWA median house price for Perth. Here’s the full picture:
| Product | Old Limit | New Limit |
|---|---|---|
| Keystart Low Deposit Home Loan | $800,000 | $860,000 |
| Urban Connect Shared Equity | $730,000 | $800,000 |
| Other Keystart Shared Equity Products | $660,000 | $720,000 |
These aren’t small jumps. If you’ve had your eye on a home that was just outside the old limits, heyyy, your moment might just have arrived.
Who Actually Qualifies for Keystart?
More people than you’d think. Here’s the eligibility checklist:
- Australian citizen or permanent resident, aged 18+
- Living in WA and buying or building in WA
- Income within the limits: up to $148,000/year for singles, up to $218,000/year for couples and families
- You don’t currently own another property
- The home will be your principal place of residence (not an investment)
- You can cover your deposit plus purchase costs
The current Keystart variable interest rate sits at 7.35% p.a. (as of March 2026), so it’s worth comparing with what’s out there. The trade-off? No LMI, low deposit, and a government-backed lender that genuinely wants to help you buy. For most first home buyers still building their savings, that combo is pretty snatched.
The Urban Connect Shared Equity Scheme: Your Other Weapon
Alongside the standard Keystart low deposit loan, there’s another option that deserves a proper spotlight: the $210 million Urban Connect Shared Equity program.
Here’s how it works. The WA Government co-purchases a share of your home alongside you. In return, you get:
- A lower deposit requirement
- Lower ongoing mortgage repayments (you’re only financing your share)
- A real pathway to full ownership over time as your equity grows
With the price limit now lifted to $800,000, more apartments and townhouses across Perth now qualify. If you’re looking at a new build (hi, that’s kind of our thing), this scheme could make it genuinely affordable in a way that wasn’t possible before.
What Does This Actually Mean for Perth Buyers?
Real talk: Perth’s property market has been full-on lately. Prices up, stock tight, and getting into a new home has felt harder than it should for a lot of people. These Keystart updates don’t fix everything overnight, but they do open real doors for buyers who were previously sitting just outside the qualifying zone.
Here’s how to make the most of this moment:
- Check your eligibility now. Jump on keystart.com.au and plug in your numbers. With income limits up to $218K for couples and a new $860K price cap, you might qualify and not even know it yet.
- Get your deposit sorted. Even 2% takes time to build. Start now, so you’re ready to move when the right home comes up.
- Look at new builds. Brand new homes and townhouses are often priced competitively within Keystart limits (especially with the new caps), and they come without the maintenance surprises of older properties. Just saying.
- Talk to someone who actually gets it. Navigating income limits, price caps, shared equity schemes and build timelines is a lot. The right team makes all the difference.
La Vida Homes: We Build Homes Worth Getting Excited About
At La Vida Homes, we build places with personality. Not cookie-cutter boxes, but homes that actually feel like you. Your home, your vibe.
We love helping first home buyers figure out what’s possible, and with Keystart’s updated limits putting more of Perth’s new home market within reach, now is a genuinely good time to have that conversation.
