First home buyers who were feeling disheartened with lending from major banks can now breathe a sigh of relief, thanks to changes to the Keystart Loan lending criteria.
Under changes to be made in the State Budget, the income thresholds for a Keystart Loan have been relaxed by $15,000 for singles and $20,000 for couples.
This means that WA first home buyers can earn up to $105,000 as a single, $130,000 as a couple and $155,000 as a family and still be eligible for a Keystart Loan.
Keystart is a government-owned agency that lends to low income earners who might have difficulty getting a home loan approved by a big bank. Keystart home loans offer the following features:
- Only 2% deposit required
- No mortgage insurance
- Loans to those who have had defaults or been bankrupt
This is fantastic news for first home buyers looking to secure a loan. However these changes will only be temporary, lasting 6 months only.
While all of this may seem confusing, our in-house finance team at Easystart Homes are the experts securing the best loans available for first home buyers.
Our team handle everything and help you navigate finance and ensure you receive the best loan possible and that you receive any government grants you are eligible for.
These temporary changes to Keystart could have a real and positive impact on first home buyers looking to build their first home.
Contact us to see what these changes could mean for you.