Rural Home Loan
Rural Home Loan is tailored to meet the needs of farmers and regional business owners across WA. This is a product of the Country Housing Authority (ABN: 76 667 185 896).
This is a product of the Country Housing Authority (ABN: 76 667 185 896).
Loan features
- A State Government initiative designed to support Western Australian farmers and rural business owners.
- Low deposit requirement.
- Loan can be used for a range of housing options.
- No lender's mortgage insurance, potentially saving you thousands.
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About our Rural Home Loan
A loan with options
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Low entry costs
- No lender's mortgage insurance.
- Equity can be in the form of an existing property or a cash contribution.
- 20% equity is needed for a loan secured by farming or large rural properties.
- 10% equity is needed for residential properties.
- No ongoing monthly fees.
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Tailored housing options
- Farmers and rural business owners can use this loan to purchase established residential property in a nearby town-site, purchase residential land and build your home with either a registered builder or as an owner builder.
- You can purchase an established home, construct a new or kit home or place a new or second-hand transportable home on land (subject to shire approval).
- Home can be used to house you and your family or your employees and their dependants.
- Can be located on your land or a new block.
- If you are a farmer, you may be able to use the finance for housing renovations, including installing alternative energy sources such as solar power systems or to make your home more comfortable with a new kitchen or bathroom or more.
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Flexibility in payments
- Unlimited progress payments.
- Bulk repayments with no penalties.
- Repayments for farmers tailored around the timing of seasonal income, including a quarterly or half-yearly payment option.
- Flexible repayment options as repayments can be made weekly, fortnightly or monthly.
Rates and fees
Variable rate
Comparison rate
Maximum loan term
- Additional repayments allowed? Yes
- Flexibility in repayment frequency Yes
- Monthly account keeping fees $0
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Loan increases?
- Statement frequency 6 Monthly
Loan repayment amounts
Loan repayment amounts shown are based on a simplified amortised schedule of repayments model. Actual loan repayments are subject to various internal and external factors including (but not limited to) changes in interest rates, fees and taxes. In particular, the model cannot predict future interest rates and therefore assumes the current variable rate for the remainder of the loan period.
Comparison rate
Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Deposit required
Your deposit will be the higher of 2% or $2,000. The deposit required shown here may vary dependent on location and purchase price.
Purpose of the home loan
Not all loan products allow you to build a home.
Borrowing amount
This amount is provided for illustrative purposes only. The amount you may be eligible to borrow will be based on a full application. All applications for loans are subject to Keystart's standard credit policies and loan approval criteria, and depend on the particular circumstances and credit attributes of each applicant. Actual loan amounts approved may therefore be different to the results presented.
Loan increases?
Five simple steps to home ownership
Getting your own home is an exciting time and will take you on quite a journey.
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Do you qualify?
We have a few eligibility requirements - you can find out if you qualify (we call this pre-qualification) in five minutes. Click here to get started.
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Conditional approval
Find out how much you can borrow - so you'll know how much you can afford before you put in an offer.
Start online or you can call 1300 578 278 to chat with our team.
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Formal loan approval
So, you've made an offer on a property. Exciting times! To move to formal approval you'll need to meet any outstanding conditional approval conditions. Then we'll send you documents to sign.
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Settlement
Keystart's settlement agent will liaise with your settlement agent to organise settlement.
Once settlement has occurred you can move into your new home!
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Manage your loan
We aim to support you through your home loan journey. The application process is just the beginning. Now you will begin to manage your home loan.
Let's get started
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How much can I borrow?
By giving us a few basic details, we can tell you how much you may be able to borrow.
How much can I borrow? -
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Q&As about this loan
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Q
Are there any penalties for paying extra or paying out the loan early?
A
Great idea! If you can pay extra you reduce the term of your loan. We encourage you to do this if you can. You can make extra payments, lump-sum payments or pay out your loan at any time without any penalties or fees. Try our repayment calculator to see what a difference paying extra can make.
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Q
Are there any restrictions on the type of home to construct?
ANo. Keystart can provide finance to purchase transportable or kit homes or construct any type of dwelling as long as it is Shire approved.
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Q
Do all the applicants need to be partners in the farm or business?
ANo. Keystart requires that one of the borrowers has been self-employed in any capacity for a minimum of two full financial years.
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Q
Can you provide finance to purchase a farm or large rural property?
ANo. Purchasing a farm or large rural property is classed as commercial.
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Q
Can you solely take security over the transportable home being purchased?
ANo. Keystart are required to take a mortgage over a property for security
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Q
Can I just use the equity in the security property and not provide financials?
A
No. As a responsible lender, Keystart must complete an assessment to ensure we can lend without putting you under financial hardship.
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Q
As a self-employed contractor, do I qualify?
AYes. If you are self-employed in any capacity for a minimum of two full financial years, Keystart can use your income.
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Q
Can salary income be used as well as business income?
AYes. Keystart can use any other additional income source.
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Q
Can we use equity in another property we own to purchase established?
AYes. You can use the equity instead of a cash contribution as long as the overall equity requirements are within our policy for the type of security property.
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Q
Can we purchase an established residential home to house employees?
AYes. Keystart can lend to purchase an established home or construct a new home to house employees or dependents.
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Q
Can we purchase an established residential home in the town near the farm?
AYes. Keystart will lend up to 90% of the residential security value without Lenders Mortgage Insurance.
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Q
Can you take a second mortgage over the security property?
AYes. Keystart will liaise with the applicants’ bank to obtain approval and to arrange priority.
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Q
Can you provide finance for additional improvements for the home?
A
Yes. Keystart may be able to provide finance for fixed improvements, for example fit-outs (curtains and flooring), solar power and water tanks. Keystart cannot provide finance for non-fixed items such as white goods.
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Q
Can you provide finance to purchase a transportable home?
AYes. You can use Keystart to purchase a transportable home.
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Q
Can you provide finance to build a home on our farm?
A
Yes. You can use Keystart finance to build a home on your farm.
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Q
Do you do interest only loans?
A
No. As we are focused on helping more people start their home ownership journey, we do not offer interest only loans or loans for an investment property. All of our loans are principal and interest home loans.
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