Keystart Home Loans
Keystart Home Loans - Keystart
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Keystart Home Loans is an initiative of the West Australian Government, set up
to assist West Australian into affordable housing.
If you are on low to medium incomes and only have a small deposit, then
Keystart may be able to assist you.
Keystart Home Loans are available to all West Australians purchasing
an owner occupied property (new or established) in Western Australia
who meet the qualifying criteria
What deposit do you need for a Keystart Loans?
With Keystart you only need to have minimum deposit of 4% towards the
purchase price of a home. Your deposit must be made up from a minimum of
2% 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.
No Lenders Mortgage Insurance is payable with Keystart loans which can save you thousands of dollars.
Keystart are also more flexible than traditional financial institutions when it comes to assessing income. For instance they take into account all your earnings including wages, salary, family tax benefit,
Centrelink payments and child maintenance received.
Keystart's flexibility for assessing income also extends to making special calculations for people in part-time or casual employment and those whose income is in the form of regular commission.
Keystart Home Loans are not limited to First Homebuyers. Keystart can assist all homebuyers be it their second or subsequent home. They lend to all areas of Western Australia including the country regions.
The interest rate on new Keystart Home Loans is currently 6.27%pa variable.
Am I eligible for a Keystart Home Loan?
To be eligible for Keystart loans, applicants must be:
* 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 $412,000 or less (Perth metropolitan and country areas only)
* Have household incomes less than $120,000
Is there a limit on the purchase price?
The maximum property price is $412,000 for Perth metropolitan and WA Country areas ($250,000 for land loans) For North West Remote (Kimberley Region & North of 26th parallel) the maximum is $450,000 with a 4% deposit or $450,000 - $500,000 with a 5% deposit.
First Home Owners Grant
The Government's First Home Owners Grant provides you with $7000 to help purchase your first home (new and established homes). See First Home Owners Grant for more information.
What if you are not eligible for a grant?
Home buyers who are not eligible for a First Home Owners Grant may borrow up to $2000 for assistance with fees, as long as the total amount borrowed does not exceed the amount for which their assessed income makes them eligible. (Not available on land only loans).
Phone us today on (08) 6278 3011 to see if you qualify.
(08) 6278 3011
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