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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.
Keystart
Low Deposit Loans
Here's the best news. You may only need a low 2% deposit or $2000, whichever is the greater, to get you started if you are purchasing for $450,000 or less.The following table will tell you how much you need for higher amounts.
| Established Homes and Construction Loans |
| Security Value |
Deposit Required |
Maximum Loan |
| Up to $450,000.00 |
2% or $2000 whichever is greater |
$441,000.00 |
| $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 |
If you don't have that amount already saved you can use the First Home Owners' Grant to cover the deposit and any 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 $170,000 per household and the interest rate is variable, which at 1st October 2008 is at 8.74 per cent per annum. Click here to download Comparison Rate Schedules.
You can click here to see how your income is assessed.
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. So it's welcome news that Keystart can lend you up to a maximum of $475,000 to purchase your own home. The maximum purchase price permitted is $500,000, more than enough to turn your dream home into a reality.
To work out how much you can borrow, and what your repayments
will be, visit our handy calculators
page.
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 cover 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, 1st November 2008 (PDF 20 kB)
Comparison Rate Schedule Keystart Land Loan, 1st November 2008 (PDF 20 kB)
Comparison Rate Schedule Keystart First Start Housing Loan, 1st November 2008 (PDF 20 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.
Increased loans
Keystart can now assist existing borrowers
with an 'increased' loan for any worthwile purpose. If you're
thinking about home improvements or considering
consolidation of your other loans, Keystart can help. As you
repay your loan and the value of your home increases, so does
your equity in it. Subject to eligibility, Keystart can help
you take advantage of the equity in your home by increasing your
loan to help you get on with the things you want to do. Keystart's
usual terms and conditions apply to all applications for increased
loans. So why not call us today on 1300 720 855 to discuss your
personal situation.
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