Keystart No Genuine Savings Home Loans
January 16, 2019
If you’ve had difficulties getting a home loan in the past, there’s some new changes by Keystart that could improve your chances.
Keystart announced they no longer require genuine savings as part of their minimum deposit requirements. This means that you can use your First Home Owners Grant as part of your home loan deposit, rather than having to save that money yourself. Keystart typically require a deposit of 2%, although it can vary depending upon purchase price and location.
Keystart have also made some changes in how they calculate customer expenses. This is said to give a better indication of a person’s capacity to manage repayments for their home loan.
If you want to apply (or re-apply), read more about the Keystart changes here.
Who Is Keystart
Keystart is a WA government initiative that helps Western Australian residents own their first home. It was established in 1989 and is administered under the WA Housing Authority.
Basically, Keystart helps to lower the upfront costs so that it’s easier for you to buy a home earlier.
They offer a range of low deposit & shared home loans. And a Keystart loan can be used to fund the purchase of a block of land and home building contract.
To qualify for a Keystart Home Loan, you need to be:
- Living in WA and a permanent resident of Australia
- Over 18
- Do not currently own a home
- Planning to live in the home you build.
- Earning less than $90K if a single person, or less than $115K if you’re a couple or less than $135K if you’re a family
Check to see if you qualify here.
And find your dream home here.