Changes to Keystart property price limits and income limits set to help more Western Australians into home ownership.
Keystart is pleased to announce significant changes to our product settings, increasing the accessibility of the scheme and making home ownership an option for more Western Australians.
The changes will be effective from Thursday 4 July 2024.
"With rising interest rates, a strong local property market and increased cost of living, it is more challenging for Western Australians to save for a deposit and get the chance to own their own home,” said Keystart’s Chief Executive Officer, Mark Tomasz.
"Many households have been finding it harder to enter home ownership with the deposit barrier being even higher. Keystart’s low deposit home loans with no lender’s mortgage insurance lower this barrier," he said.
Keystart’s new property price limits and income limits will see more Western Australians eligible for the scheme.
Under the new product settings mechanism, Keystart’s property price limits will be reviewed periodically against annualised median house prices sourced from REIWA. Income limits will reflect the income required to service the property price limits.
| Previous property price limit | New property price limit | Previous income limit | New income limit | |
| Low Deposit Home Loan | $560,000 | $650,000* | Singles: $105,000 Couples and families: $155,000 | Singles: $137,000* Couples and families: $206,000* |
| Shared Ownership Home Loan | $412,000** | $535,000* | Singles: $70,000 Couples and families: $90,000 | Singles: $113,000* Couples and families: $174,000* |
Figures based on REIWA data as at 31 May 2024.
*The new limits apply throughout the State, excluding Kimberley and Pilbara regions.
** This property price limit does not include SharedStart loans.
Work is currently underway to determine the most appropriate settings for Kimberley and Pilbara regions to ensure both the low deposit home loan and shared equity home loan settings can align with the unique market conditions for both regions.
Keystart is unique in the home loan market. As a transitional lender, we exist to enable more Western Australians to get into the housing market and provide options to flexibly transition to traditional lenders.
For media enquiries contact:
Niall Naghten, Clarity Communications
e: niall.naghten@claritycommunications.com.au
m: 0466 276 591
