What you need to know: Changes to Keystart

What you need to know: Changes to Keystart

Are you wanting to get into your own home? But have struggled to save for a deposit? Maybe you sit outside of the current criteria for a home loan? Well keep reading, we might just have the answer you were looking for!

On the 1st of May, the Western Australian State Government announced that they are releasing a six-month housing stimulus that’s targeted at getting home buyers into the housing market this year. Yep, you read that correctly, from the 1st of July through to the 31st of December Keystart’s existing limits will be increasing to help Western Australians having trouble in securing finance to build their own home.

This initiative will help potential home owners experiencing some difficulties obtaining finance by temporarily relaxing the State Government-owned mortgage lender Keystart criteria to allow more people into the scheme.

This is great news for first homebuyers, with market conditions in WA also favouring those that are looking to break into the market.

ABN Group Managing Director Dale Alcock agrees, saying, “There has never been a better time to buy a new home in WA. There is a choice of great, affordable house and land packages, interest rates are at an all-time low and these new Keystart changes mean that even more people are now eligible to finance a loan. Don’t let this opportunity slip by.”

 

Are you wanting to build or buy your own home and live in it, in Western Australia?

Yep? – Then guess what, you qualify!

 

Well that’s great news, but what even is Keystart?

Keystart is a low-deposit, low entry-cost home loan initiative that the Western Australian State Government created to help people get into their own home. This initiative provides low-deposit and shared ownership home loans to Western Australians who are unable to meet the deposit requirements of mainstream lenders.

Due to the new changes the Keystart lending criteria now applies to singles, couples and families, so everyone’s included in the updates. The changes mean that the metropolitan income limits relevant to home loans have increased by up to $20 000, meaning that depending on your circumstance you can now earn up to the total amounts listed below and not have to worry about constantly saving for a deposit because you will still be able to access Keystart.

 

Here’s the specifics for everyone in metropolitan areas:

Singles – Previously $75 000, now up to $90 000
Couples – Previously $95 000, now up to $114 000
Families – Previously $115 000, now up to $135 000

The income limits will be reverting to the current levels on the 1st of January 2020, so get in quick to make your dream of owning your own home a reality.

Find out if you qualify today, speak to our Keystart experts. Call us today on 131 751.

 

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*Terms and conditions apply. Eligibility criteria applies for the First Home Owners Grant available to first home buyers only. For more information visit www.finance.wa.gov.au These new limits apply only to people who enter into a contract of sale from 1st of July 2019. 
All finance services provided by Resolve Finance, Australian Credit Licence No. 385487. Homebuyers Centre Pty Ltd. BC 8370.
For full details on Keystart please head to their page: https://www.keystart.com.au/