Key insights – Keystart changes
- Keystart has introduced a game-changing cap of $100 a week (or $400 a month) on construction payments, easing financial pressure for home buyers during the building phase.
- This cap covers both land and construction payments, offering buyers a predictable and manageable monthly cost while their home is being built.
- Paired with Easystart’s 9-month price hold and 12-month build time guarantee, first home buyers can get into their new home sooner with less financial stress.
We’ve got exciting news for all aspiring home owners! Keystart has announced a game-changing update that will make building your own home even more affordable and less stressful. From September 25th, 2024, Keystart is capping construction payments at just $100 a week (or $400 a month). That’s right—you can ease into home ownership with minimal financial pressure during the construction phase.
What does this mean for you?
Managing payments during construction while handling everyday expenses can be tricky. Traditionally, if you took out a land loan for $300,000, you’d be paying around $1,560 per month just for the land. Add construction progress payments, and the costs can stack up. But with Keystart’s new $400/month cap, you’ll have more financial flexibility while your home is being built. Plus, this amount covers both land and construction payments, so you’ll know exactly how much is coming out each month.
You can still opt to pay more than the minimum, potentially saving on interest in the long run—but this new policy allows you to better manage your budget during construction. Pair this with Easystart’s 9-month price hold and 12-month build time guarantee, and it’s now easier for first home buyers to get into their new home sooner.
Why is this a big deal?
This new payment cap is a fantastic opportunity, especially for first home buyers and those renting and looking to get into a home of their own. It means you can start building your home sooner without the worry about how you may manage construction payments while you’re waiting to move in. This comes on the heels of Keystart’s recent updates to income and property price limits, opening the door for even more people to make their home ownership dreams a reality.
Who’s eligible for Keystart’s $100 a week construction cap?
This payment cap applies to all new construction applications received from September 25th, 2024. If you’ve already started your application but haven’t yet received formal approval, don’t worry—Keystart will be in touch to see if you’d like to take advantage of this new option.
Why have Keystart made this change?
Keystart’s new policy reflects their ongoing commitment to supporting Western Australians on their path to home ownership. This update comes after consulting with broker partners (like us) and listening to customer feedback. It’s all part of Keystart’s mission to make home ownership more accessible and affordable, especially for first home buyers.
How can you get started?
If you’re ready to see if you qualify, reach out to us today! Our in-house finance team at Westgate Finance (ACL 410232) are the best at finding the right finance solution for you. Whether you’re just starting your home ownership journey or are already in the process, Easystart Homes is here to help you every step of the way.
Terms and conditions apply.
All finance services provided by Westgate Financial Services, ACL. 410232.
