Keystart is Western Australia’s state government initiative to assist eligible homebuyers to access finance with a deposit from 2%*, while paying no lenders mortgage insurance (LMI).
This initiative has helped thousands of WA homebuyers who may have not been able to access finance otherwise due to deposit, LMI and additional fee requirements from other institutional lenders.
Keystart have announced that their property price caps will be increased to $650,000 in metropolitan and regional areas. This is an increase of $90,000 and is great news for home buyers.
It’s important to note that the income limits have also increased to $137,000 for singles and $206,000 for couples and families. For a breakdown of the eligibility criteria, download our infographic here or chat to a Resolve Finance mortgage broker.
Why is Keystart increasing the property price caps?
This move is set to align the property price caps with Perth’s median house price which is currently $661,000. (REIWA, July 2024).
The previous property price caps of $560,00 in metropolitan and regional areas have meant that large portions of housing have been excluded from eligibility. This is particularly evident in the inner suburbs of Perth, as their purchase prices are above these limits.
What does this mean for home buyers looking to enter the market?
If you’re ready to own your own home and are looking to purchase a property beyond the previous price limits or you have been deterred in the past by the criteria, now is the time to find out if you’re eligible.
Get the right answers from the right people
All home buyer’s circumstances and goals are different, so it’s important to find out what is right for you.
Chat to an expert mortgage broker at Resolve Finance today.