I know loads of families who home educate for exactly the same reason.
Sometimes their child feels ready for school (to the child and the parents) in year 1 or year 2 or year 3 or whenever, and the parent pops them in school and they have a lovely time, and all was groovy.
My understanding of it is that the child very quickly finds their level in school (teachers don't always like it because a home educated child will be ahead of schooled peers in some aspects and behind in others, but it's no different from a child whose been educated abroad, really).
The people I know who are home edding because they don't want to formally school their 5 year olds tend to avoid, well, formally schooling their 5 year olds. There's a lot of forest school, sports clubs, playdates, exploring things with their parents and friends. It's a great lifestyle :)
Just be ready for your child to get to 7 and beyond, and for neither of you to think that school is going to be the optimal environment at this point... there is another obvious entry point at secondary age, another one at year 10, and another one at year 12. But you'll be so used to following your child's educational needs by that point that you are unlikely to be willing to force her into school if it's not the best fit for her at any of those entry moments.