Restart helps in situations where income loss through temporary unemployment or retrenchment is a problem. Restart is financed and managed through Keystart.

Keystart understands that these difficulties often occur due to reasons outside the control of the borrowers. With short-term financial assistance, borrowers are often able to regain their financial independence and keep their family home.

Restart has therefore been designed to assist households through these short-term difficulties by refinancing their current housing loan in to a Restart "reduced repayment" loan for a period of up to 2 years.

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Are you eligible for Restart?

To be eligible to apply for the Restart scheme you must:

• Have no less than 20% equity in your home.
• Provide documentary evidence of intended loan termination, e.g. notice of demand or notice to vacate
• Show a demonstrated unavoidable change in circumstances.
• Have had consistent employment during the 6 months prior to change in your financial circumstances
• Have a previous satisfactory credit history
• Provide evidence of a job search and training plan
• Not have a loan managed or financed through a State Government Housing Loan scheme such as Keystart, the Country Housing Authority or the Homeswest Loan Scheme Trust
• Not own other property or land.

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Loan Structure

The loan has deferred interest payments for up to two years.

• As per Keystart criteria. Please check at the time of your application.
• Establishment costs - capitalised to loan.

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Repayments

Your loan repayments will be "interest only" and will be based on 25% of your gross income. Repayments must be made by direct debit.

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Important Information

If after 2 years you are still unable to support a standard Keystart loan, Keystart will:

• Take possession and sell the property.
• Add unpaid interest, credit fees and other costs to the outstanding loan balance.
• Discharge the loan.

It is therefore essential that all applicants for the Restart scheme obtain independent legal and financial advice prior to applying for the scheme.

The Restart loan scheme will provide more people with the opportunity to realise their lifelong dream of owning their own home.

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Register Your Interest for Restart

To register your interest in the Restart home loan scheme or if you wish to find out more about Restart or determine your eligibility for the scheme, please contact:

Restart Loans
Toll Free: 1300 366 055

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