News and Events
Lending changes to help many Western Australians
Tuesday, 27th December 2016
Important changes to Keystart’s lending criteria will help many of Western Australian singles, couples and families to buy a home of their own. The changes announced sees the company’s metropolitan income limits increase up to $20,000.
“The tight lending policies by the finance sector has left a number of Western Australians unable to get a loan because they don’t earn enough, on the other hand they earned too much to qualify for a Keystart loan. These changes to income limits means these people will no longer have to stay trapped on the rental roundabout or to still be living at home with mum and dad,” said Keystart Chairman, Glyn Yates.
“Not only will a relaxing of income thresholds allow more people to enter the property market but 80% of them will choose to build new homes.”
Keystart’s lending criteria was tightened during the 2014-15 Budget to assist in the State’s debt management. But following the recent, purchase of $1.35 billion worth of Keystart’s loans by the Bendigo and Adelaide Bank, Keystart has been able to broaden its lending criteria.
“The changes are expected to result in Keystart approving 2,200 additional loans up until June 2020. ” added Mr Yates.
Under the changes, Keystart’s metropolitan income limits have risen by up to $20,000.
- Singles – up to $90,000, previously $75,000
- Couples – up to $115,00, previously $95,000
- Families – up to $135,000, previously $115,000