Three months left to take advantage of Keystart changes

Easy Living Guide

Limited offer: Make the most of Keystart changes

Are you looking to build your first home but you’re worried about your existing debt?

With Keystart's recent changes, you may not need to worry! .

From September 1, 2019, Keystart removed their current 10% maximum debt policy, which now means that borrowers like you, will have greater flexibility in managing any existing commitments and have a greater chance at securing finance.

So what does this mean exactly? It means that if you have any existing debt such as credit cards, car loan or money owing from your latest online shopping spree to AfterPay that exceeded 10% of your total income, that you may be eligible for a home loan with Keystart.

To ensure you are suitable candidate, Keystart will require three months of bank statements – so make sure any bad spending habits are out the window three months prior to applying.

Earlier this year, the State Government also announced changes to Keystart – a change that would benefit thousands of West Australians ready to take their first step on the property ladder.

Keystart increased the maximum income limits for their low deposit home loan – but only for a limited time.

The increased income limits will be available to all applicants who enter into a sales contract to purchase an established property or build a new home before 31 December 2019.

On January 1, 2020, Keystart’s higher income limit will revert back to the previous amount, meaning you only have four months left of this exclusive offer.

Region Current income limits   New income limits Property purchase price cap
Metropolitan area $90,000 (Singles)
$115,000 (Couples)
$135,000 (Families)
  $105,000 (Singles)
$130,000 (Couples)
$155,000 (Families)
Regional Areas
(excluding Kimberley & Pilbara)
$110,000 (Singles)
$135,000 (Couples)
$135,000 (Families)
  $125,000 (Singles)
$150,000 (Couples)
$155,000 (Families)
Kimberley $120,000 (Singles)
$150,000 (Couples)
$150,000 (Families)
  $135,000 (Singles)
$165,000 (Couples)
$170,000 (Families)
Pilbara $150,000 (Singles)
$180,000 (Couples)
$180,000 (Families)
  $165,000 (Singles)
$195,000 (Couples)
$200,000 (Families)

Keystart is a low income lender, meaning for singles, couples or families finding it difficult to get a loan as a first home buyer through other lending institutions, there is another option to finance your new home.

If you’re not familiar with Keystart, here’s a quick summary:

  • Reduced payments during the construction of your new home
  • No LMI (Lenders Mortgage Insurance) which will save you thousands of dollars
  • Only a small 2% deposit is required compared to 5% with other lenders
  • Loans to those who have had defaults or been bankrupt
  • No monthly account keeping fees

Together with the $10,000 First Home Owners Grant for those who build a new home, plus historic low interest rated and excellent buyer incentives from builders and developers, there really has never been a better time to build your first home.

At Easystart Homes, we have an experienced and specialised in-house finance team ready to help you step by step through the finance and home building process.

Contact us to see what these changes could mean for you.


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