First Start Shared Equity Home Loan Scheme.

The First Start Shared Equity Home Loan Scheme is designed to help low to moderate-income first homebuyers into home ownership.

Under the Scheme, eligible first homebuyers may purchase or build a home in conjunction with Keystart and the Department of Housing and Works.

Depending on your income and household size, the Department will co-own up to 25% of a property with you. Later when you can afford to, you are required to purchase all or part of the Department’s share.

Use your Grant as the deposit.

With a Keystart loan, you only need a 4% up-front deposit (you will need to have 2% of the purchase price in genuine savings to be eligible). And even if you don’t have that amount available, it’s possible to use part of the First Home Owners Grant to cover the deposit and any loan fees. And the mortgage insurance fee is waived, which saves you even more money.