Keystart Home Loans Perth WA
Keystart Home Loans are available to help you achieve home ownership with only a small deposit. They are available to all Western Australian residents, however you must be able to meet the Keystart qualifying criteria.
Custom Finance are approved Keystart Mortgage Brokers in Perth WA. This means that we can qualify you for a Keystart Home Loan in the comfort of your own home. If you prefer we can set up an appointment at our office or you can even apply online
If your income is less than $70,000 for a single, or $90,000 for a couple and you are buying or building a home less than $400,000, we can help you get a Keystart Home Loan.
Lenders Mortgage Insurance is not required for Keystart Home Loans which can save you thousands of dollars.
Call us today on 6278 3011 or contact us by email to find out more.
What if I don't qualify for a Keystart Home Loan?
With house prices rising, it is getting harder and harder to save the standard 20% deposit required by most banks. Fortunately there are other lenders in the market who are willing to help you.
You can now get a low deposit loan approved with as little as 5% deposit, with or without genuine savings. It is even possible to get a 100% loan approved if you know someone who is willing to go guarantor on your behalf.
A family member can go guarantor to help you cover the minimum 20% deposit. This will help you avoid paying Lenders Mortgage Insurance Your guarantor must have equity in another property and be willing to allow the property to be used as additional security.
Once you have achieved 20% equity in your property you can apply to your lender to release the guarantor. Equity is achieved by reducing the balance of your loan account and/or by the property increasing in value over time.
With Keystart you need to have minimum deposit of 6% towards the purchase price of a home. Your deposit must be made up from a minimum of 3% genuine savings, and the remainder can come from any other source, including the First Home Owners' Grant.
Genuine Savings means that you saved this amount in a bank account, usually over the previous 3 months. Keystart will require you to show bank statements to confirm your savings history.
Keystart Home Loans are not restricted to First Homebuyers and they lend to all areas of Western Australia including the country regions.
The interest rate for new Keystart Home Loans is currently 7.37%pa variable.
To be eligible for Keystart loans, applicants must:
- be over 18 years of age
- be an Australian citizen of hold permanent residency status and have a residential and
postal address in Western Australia
- be purchasing a home for owner occupied use (first, second or subsequent home)
- not own a home or land (other than land upon which an owner-occupied home is to be built)
- purchase a home for $400,000 or less (Perth metropolitan and country areas only)
- have single income of $70,000 or less or joint incomes of $90,000 or less.
You may also be interested in House and Land Packages
Call us today on 6278 3011 or contact us by email to find out more about Keystart Home Loans and other Low Deposit Home Loans in Perth WA.
What deposit do I need for Keystart Homeloans?
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