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Changes to Key Start criteria brings great news to West Australians!

Posted on March 24, 2017 in Finance

keystart blog imagery

At WA Housing Centre, we’re all about first home buyers and making your first property purchase a smooth and easy ride… that’s why we always make sure we’re on top of the latest industry news, especially if it could help you get into your new home quicker!

With house and land packages to suit every budget, discover how having the right finance in place can not only make your life a lot easier, but also make your new property a smart investment! Plus, at WA Housing Centre, we’ve teamed with The Loan Company, so you’ll have access to a wide range of home loan products from leading finance institutions and the lowest interest rates possible!

Lets talk Keystart

The Keystart Home Loan scheme offers a low deposit home loan, designed to help Western Australians finance an affordable home, where other lenders can’t provide assistance.

Keystart Criteria

  • Only available for owner occupiers
  • Only available for those buying or building in Western Australia
  • Both first home buyers and subsequent home buyers are accepted.

What the recent Keystart updates could mean for you:

Have you heard about the recent Keystart income criteria changes? These exciting updates could be exactly what you’ve been waiting for!

Updates have been made to Keystart’s lending criteria, so whether you’re single, in a couple, or a family, this could help you on your way to buying a home of your own. The changes announced mean metropolitan income limits have increased up to $20,000.

Keystart’s metropolitan income limits:

  • Singles – up to $90,000, previously $75,000
  • Couples – up to $115,00, previously $95,000
  • Families – up to $135,000, previously $115,000

Why the need for change?

“The tight lending policies by the finance sector has left a number of Western Australians unable to get a loan because they don’t earn enough, on the other hand they earned too much to qualify for a Keystart loan. These changes to income limits means these people will no longer have to stay trapped on the rental roundabout or to still be living at home with mum and dad,” said Keystart Chairman, Glyn Yates.

“Not only will a relaxing of income thresholds allow more people to enter the property market but 80% of them will choose to build new homes.”

Keystart’s lending criteria was tightened during the 2014-15 Budget to assist in the State’s debt management. But following the recent, purchase of $1.35 billion worth of Keystart’s loans by the Bendigo and Adelaide Bank, Keystart has been able to broaden its lending criteria.

“The changes are expected to result in Keystart approving 2,200 additional loans up until June 2020. ” added Mr Yates.

Is a Keystart Home Loan right for you?

If you’re currently renting, or struggling to save a deposit, this could be the solution to get you onto the property ladder. Keystart are all about helping Western Australians purchase with ease.

Loan features:

  • 2% deposit, of which only 1% needs to be genuine savings
  • Reduced repayments during Construction
  • No mortgage insurance
  • Loans to those who have had defaults or been bankrupt

Why not get in touch with our home loans experts and see if you qualify?

It is time to book an obligation-free consultation with our finance specialists, The Loan Company? Or why not try our home loan calculator is a great tool to help you see if you qualify with WA Housing Centre today.

Home finance is the first step to home ownership…

With affordable house and land packages to suit your budget and lifestyle, why not take a look at our stunning selection of house and land packages?