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Image of a home that keystart no genuine savings home loan could help you own this home

Keystart No Genuine Savings Home Loans

December 21, 2018

If you’ve not been successful applying for Keystart in the past, there’s some new changes that could improve your chances.

From 1 October 2018, Keystart removed the requirement for genuine savings as part of the minimum deposit requirements. The good news is that this means the First Home Owners Grant can be used towards the deposit requirement.  This deposit requirement is typically 2%, although it can vary depending upon location and purchase price.

In other news, Keystart have also changed how they estimate customer expenses. The new approach is designed to give a more accurate indication of a person’s capacity to manage home loan repayments.

If you’re thinking of applying (or re-applying), find out more about this announcement here.

What Is Keystart

Keystart aims to help Western Australia’s own their first home. The program helps to lower the upfront costs so you can buy a home earlier. They offer a range of low deposit home loans & shared home loans.

It’s a WA Government initiative, established in 1989 under the Housing Authority.

Keystart finance can be used to buy an established home or to fund the purchase of a block of land and home construction contract.

Keystart Eligibility

Keystart has eligibility criteria to determine who can qualify for a Keystart Home Loan. You must be:

  • Over 18
  • 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
  • Living in WA and a permanent resident of Australia
  • Do not currently own a home
  • Planning to live in the home you build.

Check to see if you qualify here