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Changes to Keystart could unlock your first home!

Posted on May 2, 2019 in Blog , First Home Buyer

Family enjoying the changes in Keystart initiative

It’s a great time to build in WA. The slump in the market means that you can pick up a nice bit of land at a price we haven’t seen for a long, long time. However, there’s been a catch: increased scrutiny on banks has made it tough to get a home loan – especially if you’re a first homebuyer.

That’s set to change for a lot of young West Australians including, hopefully, you!

The State Government has announced a huge change to the Keystart initiative that’s going to increase the income limit for their low deposit home loans by $15,000 (singles and couples) and $20,000 (families). Take a look:

Keystart Home Loans Comparison Table

Keystart was established to help first homebuyers get into the property market, so unlike other loans they don’t require expensive Lenders’ Mortgage Insurance or a Genuine Savings Deposit. In fact, a Keystart deposit can be as low as 2% — a fraction of what the banks ask. This boost to the income limit is estimated to make home ownership possible to an additional 11,000 WA households.

Now that you’ve heard the great news, it’s time for the ‘but’:

This is a limited time offer!

On January 1, 2020, Keystart’s higher income limit will revert back to the previous amount. Luckily, WA Housing Centre is here to help you make the most of this offer. So if you’ve been putting off getting into a new home because you thought it wasn’t the right time, it’s time to reconsider. See if you qualify for Keystart assistance today.