Keystart home loans is an initiative of the Western Australian Government which is designed to bring Australians home ownership dream alive by offering affordable, low deposit home loans with no lenders mortgage insurance.
Keystart can assist applicants who are over 18 years of age, an Australian citizen and looking to purchase their first or subsequent home, as long as the purchase is for owner occupied purposes. Keystart will also consider applicants who have previously had credit defaults or who have been discharged from bankruptcy.
1.1 Keystart product summary
|
Purchase Area |
Income Limit Singles | Income Limit Couples | Income Limit Families | Property Purchase Price Cap | Maximum Loan Amount |
|
Metropolitan Area |
$90,000 | $115,000 | $135,000 | $480,000 |
$470,400 |
|
Regional (excluding Kimberly and Pilbara) |
$110,000 | $135,000 | $135,000 | $500,000 |
$475,000 |
|
Kimberly |
$120,000 |
$150,000 | $150,000 | $650,000 |
$604,500 |
| Pilbara | $150,000 | $180,000 | $180,000 | $650,000 |
$604,500 |
1.2 Minimum deposit and genuine savings
| Purchase Price | Deposit Required |
Genuine Savings Required |
|
Up to $480,000 |
2% |
1% |
|
$480,001 to $500,000 |
5% |
1% |
| $500,001 to $650,000 | 7% |
2% |
1.3 Key features
- No lenders mortgage insurance
- Fee assistance of up to $2,000 if not eligible for the FHOG
- No postcode restrictions
- No account keeping fees