|
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.
Keystart
Low Deposit Loans
Here's the best news. You may only need a low 4% deposit to get you started if you are purchasing for $412,000 or less (Perth metropolitan and country areas only). The following table will tell you how much you need.
| Established Homes and Construction Loans |
| Security Value |
Deposit Required |
Maximum Loan |
| Perth metropolitan & country areas |
|
| Up to $412,000.00 |
4% |
$395,500.00 |
| |
|
| North West Remote |
|
| (Kimberley & above 26th parallel) |
|
| Up to $450,000.00 |
4% |
$432,000.00 |
| $450,001 to $500,000 |
5% |
$475,000.00 |
| Land Loans |
| Security Value |
Deposit Required |
Maximum Loan |
| Up to $250,000.00 |
5% |
$237,500.00 |
You will need to have 2% 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 $120,000 per household and the interest rate is variable, which at 22 December 2009 is 6.62% 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, 21st December 2009 (PDF 29 kB)
Comparison Rate Schedule Keystart Land Loan, 21st December 2009 (PDF 36 kB)
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.
|
