Keystart has just announced significant changes to their income and property price limits, meaning many more West Australians can now qualify for a keystart loan, which offers significant benefits such as lower upfront costs and flexible deposit requirements.
What we’ll be looking at in this article:
- What’s new with Keystart Finance
- Why Choose Keystart
- Keystart Interest Rate
- Eligibility criteria
Easystart Homes is excited to share the latest news catered to First Home Buyers in WA.
Keystart home loans has just announced significant changes to their income and property purchase price limits, meaning many more West Australians can now qualify for finance and get into a home of their own. 🏠 The absence of lender’s mortgage insurance and low deposit options are significant advantages for potential homeowners, making it an opportune time for individuals and couples to dive into the home owner market.
What’s New with Keystart Finance in 2024?
- Property price limits increased: Now available for house & land packages up to $650K* (with no Lenders Mortgage Insurance).
- Increased income limits: $137,000 for singles and $206,000 for couples and families.
Easystart Homes, in collaboration with Westgate Finance, simplifies the home-buying process. Keystart, a WA Government initiative, helps you get into your new home faster by lowering the entry costs. We work closely with Keystart loans to provide low deposit home loans, offering competitive interest rates and a unique position in the market, making your home-building journey easier.
See if you qualify
If you didn’t qualify for finance before, now is the perfect time to enquire again. With these new limits, you may now be eligible, and we can help you get into a home of your own.
Why Choose Keystart?
Keystart is designed to make home ownership more achievable. One of the key benefits of choosing Keystart is the lower entry costs, which make home ownership more accessible. If you’re facing challenges in saving for a deposit or securing a traditional home loan, Keystart home loans may be an option for you. With Keystart loans, you can enjoy several key benefits:
- Low Deposit: Get a home loan with as little as a 2% deposit compared to the 5% of major lenders.
- Easier Criteria: Worried about your low credit rating, defaults, or bankruptcy? You may still be eligible.
- No Lenders Mortgage Insurance (LMI): Reduce the overall upfront cost of your new home and save thousands.
- No Monthly Account Fees: Say goodbye to fees! Make money manageable by just focusing on repayments.
Keystart Interest Rate
Keystart interest rates are linked to the movements of the RBA’s official cash rate, with the current standard variable interest rate set at 7.85% p.a. (as of 24 November 2023). This rate offers stability and predictability, helping you plan your finances effectively while enjoying the benefits of your new home.
How Do I Know if I’m Eligible for a Keystart Home Loan?
Keystart has made it easier for West Australians to fulfill their dream of home ownership by expanding their lending conditions. Property price maximum limits are now $650,000 so if you didn’t meet the eligibility criteria for the Keystart Low Deposit Home Loan before, you could now! If you are not sure if you are eligible or not you can ask our team or fill out this Eligibility Form: Keystart How Much Can I Borrow
Keystart Eligibility
To be eligible for a Keystart home loan, you’ll need to meet the following requirements as a minimum:
- Be 18 years or older
- Be an Australian Citizen or Permanent Resident
- Live in Western Australia and want to buy or build here
- Have an income within the maximum limits
- Not own another home or land at the time of settlement of your Keystart loan
- Plan to live in your home for the duration of your loan with Keystart
- Have enough funds available to cover all costs associated with the purchase, including your deposit, fees, and any moving costs.
Keystart Income Limits
The income limits that applicants have to meet have been increased. This means that if you previously didn’t meet the eligibility criteria for the Keystart Low Deposit Home Loan, you could now!
- The income limit for singles is now $137,000 – previously $105,000.
- The income limit for couples & families is now $206,000 – previously $155,000.
These increased limits are applicable to contracts of sale entered into in the Perth Metro area. Different income limits apply for regional areas. The limits increased on July 4, 2024.
Keystart Property Price Limits
The property price limits that applicants have to meet have also been increased.
- The property price limit is now $650,000 – previously $560,000.
These increased limits are applicable to contracts of sale entered into in the Perth Metro area. Different property price limits apply for regional areas. The limits increased on July 4, 2024.
Get Into Your Home Sooner
Don’t miss out on this opportunity to turn your home ownership dreams into reality. Let’s do this! Speak to our team at Easystart Homes and Westgate Finance to kickstart your journey today!
