Keystart Relax Home Loan Eligibility Criteria
June 6, 2019
Now you’ve got even more chance of qualifying for a low deposit Keystart home loan. Keystart recently announced that they are relaxing their criteria for borrowing money to buy your first home. This will start from 1 July 2019, but you can start arranging your finance now.
New Home Loan Eligibility Criteria
You might qualify for a Keystart low deposit home loans if you:
- earn no more than $105,000 for singles, $130,000 for couples and $155,000 for families;
- are buying a home in Perth valued at $480,000 or less.
This policy change is in effect for six months only and finishes on Dec 31. Find out if you qualify now to take advantage of the offer.
Read more about the Keystart changes to maximum income limits here.
Who Is Keystart
Keystart is a WA Government initiative that helps Western Australian residents own their first home. They lower the home loan entry costs so that you can buy your home earlier.
They provide a variety of low deposit and shared home loans. You can use a Keystart home loan to fund your land and home building contract.
Keystart provides more affordable loans to eligible home buyers with lower incomes. Deposits can be as low 2% and Keystart also waive the lenders mortgage insurance.
First home owners can also access the state’s $10,000 First Home Owners’ Grant and receive discounted stamp duty.
To qualify for a Keystart Home Loan, you need to be:
- Living in WA and a permanent resident of Australia
- Earn less than $105,000 for singles, $130,000 for couples or $155,000 for families
- Do not currently own a home
- Have less than 10% of your income going towards a debt repayment
- Planning to live in the home you build
- Over 18.
Check to see if you qualify here.
Or see how much you can borrow here.
And find your dream home here.