Keystart Home Loans
Who are Keystart Home Loans?
Keystart Home Loans is an initiative of the West Australian Government, established in 1989 and wholly owned by the Housing Authority. Keystart is available to all West Australians purchasing an owner-occupied property in Western Australia who meet their criteria.
Keystart provides home loans to both first home buyers and subsequent home buyers.
What are the benefits of using Keystart?
The two main advantages of getting a home loan through Keystart is that you only need to have a low deposit and if you can’t afford to buy all of a home our Shared Ownership scheme could help you. In a lot of cases, you may only need as little as a few thousand dollars to build your brand new home.
A Keystart home loan is a variable interest rate loan that is a great option for those living in Perth, who meet the lender’s criteria and also have limited savings. If eligible, a Keystart home loan can be secured with a deposit as low as 2%. However, you must have at least 1% in genuine savings. In addition to securing a home with limited savings, a Keystart home loan offers the following features:
Other benefits include:
- Reduced payments during construction.
- No Lenders Mortgage Insurance which will save you thousands.
- No ongoing monthly account keeping fees.
Who is eligible for a Keystart Home Loan?
- Singles earning up to $90,000.
- Couples earning up to $115,000.
- Families earning up to $135,000.
Other loan opportunities for those in rural area’s, those with disabilities, Aboriginal, sole parent and more, so it’s worth enquiring to see if you qualify.
Are there any negatives?
Generally speaking, Keystart interests rate are higher than your standard bank rates, however, this does provide an opportunity once enough equity is built in the house to hunt down a better deal with a typical bank. The key to this program is to get you into a home not to keep you as a client for the entirety of the loan.
Video from Keystart Home Loans explaining further details
For more information please do not hesitate to contact us and we will answer any further questions you may have.