No Deposit, No Problem: Your Guide to Buying a Home in Perth
Key takeaways:
- Perth's housing market opened 2026 with significant momentum, with the median house price officially surpassing the $1 million mark for the first time in January to reach $1,003,804.
- Borrowers can enter the market with little to no deposit by using a guarantor's property equity or by accessing government programs such as Keystart, which offers deposits from 2%, and the federal 5% Deposit Scheme, which now features increased property price caps and no income limits.
- Other viable pathways to homeownership include the First Home Super Saver Scheme, which allows eligible individuals to withdraw up to $50,000 in voluntary contributions, and the use of gifted deposits from family members to meet minimum lender requirements while avoiding lenders mortgage insurance.
Think you need a big deposit to buy a home in Perth? Think again. While traditional 100% loans are rare, there are real options that let you get into the market with little or even no deposit, especially if you have a stable income and good credit history.
The key is using third-party support, like a guarantor, or tapping into one of the Perth low deposit home loans offered through WA and federal government programs. In this guide, we’ll walk you through how buying a house in Perth with no deposit works, the options available and how a broker can help you get there faster.
Understanding these pathways is becoming a financial priority for many, as the market shows no signs of cooling. Current Perth property predictions for the next 5 years suggest that after the median house price surpassed $1 million in late 2025, a structural scarcity cycle could drive values up by a further 66% by 2031, making entry-level price points even harder to secure.
Can You Really Buy Without a Deposit?
Most lenders ask for a deposit of at least 5%, and if you borrow more than 80%, you’ll usually have to pay Lender’s Mortgage Insurance (LMI).
What is LMI?
LMI is a one-off insurance premium that protects the lender (not you) if you can’t repay your loan. It’s usually required when your deposit is less than 20% of the property’s value, and it can add thousands of dollars to the cost of your loan, depending on how much you borrow and the lender’s policy.
That’s why it’s such a big deal to find options that help you avoid LMI altogether.
If you qualify for a guarantor home loan Perth or a supported government scheme, you could:
- Borrow up to 100% of the property value
- Avoid paying LMI
- Get into the market years sooner than if you waited to save 20%
Let’s break down the main pathways.
Option 1: The Guarantor Home Loan (The True No-Deposit Option)
How it works
A guarantor home loan Perth involves a family member (usually a parent) using the equity in their own property to secure your loan. Instead of you providing the deposit in cash, your guarantor backs that portion using their property as collateral.
That support allows you to borrow up to 100%, or in some cases even 105% to help cover fees like stamp duty and legal costs.
Key benefits
- Buy a home sooner, without years of saving
- Avoid LMI, which can save you thousands
- Potential to borrow enough to cover upfront costs too
Key considerations
- The guarantor takes on risk. If you default, their property could be used to recover the shortfall
- Guarantors must meet lending criteria and often need at least 20% equity in their own home
- Most lenders will allow the guarantee to be released once you’ve built up equity in your own home
A broker can help structure the loan correctly and explain the exit strategy upfront to keep everyone comfortable.
Option 2: WA and Federal Government Low-Deposit Options
Not everyone has access to a guarantor, but there are other structured ways to get into a home with less than 20%.
Keystart Home Loans WA
Keystart home loans WA are backed by the WA Government and are specifically designed for people with low savings but strong repayment potential.
What makes them different:
- Deposits from as little as 2%
- No LMI, which is rare for low deposit loans
- Income and property value limits apply
- Designed for owner-occupiers, not investors
Because Keystart is a government initiative, it’s more flexible than bank loans when it comes to genuine savings. It can be a great entry point for first home buyers or single-income households.
Federal 5% Deposit Scheme (Home Guarantee Scheme)
Previously known as the Home Guarantee Scheme, the Australian Government 5% Deposit Scheme allows eligible buyers to:
- Buy with a 5% deposit
- Avoid LMI, because the government guarantees up to 15% of the loan
- Access a range of lenders through the scheme
Single parents or legal guardians only need a 2% deposit.
As of October 2025, the income caps have been removed and price caps lifted, making the scheme open to more Australians.
Your broker can explain which scheme you qualify for and help you navigate the application process.
Talk to a Loan Market Bal & Associates broker today to find out more about your borrowing capacity.
Option 3: Other Deposit Sources
If you’re close but not quite there with savings, here are two extra ways to meet the minimum deposit without LMI:
Gifted Deposits
Some lenders accept a gifted deposit from a close family member. This is different from a guarantor loan: instead of providing security, the family member simply gives you the funds.
The lender will usually ask for a statutory declaration confirming it’s a gift, not a loan.
This can help you meet the minimum 5% deposit requirement, especially if you’ve already saved part of it.
First Home Super Saver Scheme (FHSS)
The First Home Super Saver Scheme allows you to withdraw up to $50,000 (as of 2025) of voluntary super contributions to put toward a deposit. This scheme lets you save faster, since you benefit from the lower super tax rate while building your deposit.
It won’t help you if you need to buy immediately, but it’s a great way to boost your savings over 12 to 24 months.
Comparing Your Options
Each lender has different policies, eligibility rules and documentation requirements. That’s where a broker becomes your shortcut.
Why a Broker Makes All the Difference
Trying to compare all these no deposit home loans Perth on your own is overwhelming. Every lender has different eligibility criteria and credit policies. Some accept gifted deposits, some don’t. Some offer lower interest rates for government-backed schemes, others don’t participate at all.
As a broker, we:
- Compare lenders and products tailored to your profile
- Confirm if you qualify for Keystart, guarantor loans or the 5% scheme
- Structure the application to maximise your borrowing power
- Explain risks, like guarantor liability, in plain English
- Liaise with lenders to help get faster pre-approval
If you're ready to stop renting and start planning, the right loan structure can make it happen sooner – even if you haven’t saved a traditional deposit.
Where to From Here?
If you’re serious about buying a house in Perth with no deposit, the next step is a personalised eligibility check.
Every buyer is different. You might have strong income, a good credit history and family willing to help – but no savings. Or you might be on a single income, eligible for a 2% Keystart home loan or the expanded first home guarantee.
Whatever your situation, the first step is talking to a broker who understands these pathways and can match you with the right lender.
Let’s Make It Happen
No deposit does not mean no chance. With the right loan product and a broker on your side, home ownership could be closer than you think.
Contact Loan Market Bal & Associates in Welshpool today to find out if you qualify for a guarantor home loan, a Keystart home loan WA, or the federal 5% deposit scheme. We’ll explain your options clearly, compare lenders and guide you through every step.