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Your Keystart
Loan
Welcome to your Keystart loan. You're about
to discover how much easier it is to buy your own home. We can also
assist you to purchase a block of land that you intend building on
within 12 months. Let's start by looking at how much deposit you
will need.
The following table will tell you how much
deposit you will need as well as the maximum purchase price allowed
in your area.
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Established Homes and Construction Loans
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Security Value |
Deposit Required |
Maximum Loan |
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Perth metropolitan & country areas |
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Up to $400,000.00 |
6% |
$376,000.00 |
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North West Remote |
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(Kimberley & above 26th parallel) |
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Up to $500,000.00 |
6% |
$470,000.00 |
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Land Loans |
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Security Value |
Deposit Required |
Maximum Loan |
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Up to $250,000.00 |
6% |
$235,000.00 |
You will need to have 3% of the purchase
price in genuine savings to be eligible for a Keystart loan. You can
use the First Home Owners' Grant to contribute to your deposit and
loan fees. The balance of the Grant can be used for other
purposes.
You'll also welcome how we assess your
income. Keystart can be more flexible than traditional financial
institutions when it comes to assessing income. For instance: we
take into account all your earnings including wages, salary, family
tax benefit, Centrelink payments and child maintenance received.
(Please note that some of this income will not be used once your
child turns 12 years old).
Our flexibility for assessing income also
extends to making special calculations for people in part-time or
casual employment and those whose income is in the form of regular
commission.
The maximum assessed income for eligibility
is $70,000 for single applicants and $90,000 for couples and
the interest rate is variable, which at 1st June 2010 is 7.37% per
annum. Click here to download Comparison
Rate Schedules.
How much can you borrow?
Whether it's a
new or existing home, Western Australia offers some of the best
quality, most affordable housing in Australia. To find out whether
or not Keystart can help you finance your new home contact Keystart
on 1300 578 278
First Home
Owners Grant
The Government's First Home Owners Grant
provides you with $7000 to help purchase your first home. The grant
is not a loan and does not need to be repaid. You can use the Grant
to to contribute to your deposit and loan fees. (Not available on
land only loans). The balance of the Grant can be used for other
purposes. For further information on the First Home Owners Grant, click here.
What if you are not eligible for a
grant?
People who are not eligible for a First
Home Owners Grant may borrow up to $2000 for assistance with fees,
as long as the total amount borrowed does not exceed the amount for
which their assessed income makes them eligible. (Not available on
land only loans).
Comparison Rate Schedule
Download a copy
of:
Comparison Rate Schedule Keystart Housing
Loan
Comparison Rate Schedule Keystart Land Loan
Please note that this is a PDF document.
For more information on PDF documents, click on the PDF icon below.
Redraws
Keystart now allows you to 'Redraw' on any
or all additional payments you have met in your existing home loan.
Redraws are now available for any worthwhile purpose. If you're keen
to undertake some home improvements or are considering consolidation
of other loans, you could give Keystart a call. Keystart 'Redraws'
for a minimum of $1000 are provided free of any fees or charges. To
take advantage of this expanded Keystart service simply call 1300
361 517 to discuss your individual circumstances.
Please note that redraw is not available on
Shared Equity loans.
Increased
loans
Increased loans are only available for the
purchase of additional equity in the case of a shared equity
property.
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