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Supporting increased housing supply in Western Australia

Keystart's commercial property finance offerings 

In recognition of the challenges currently being experienced in the WA housing market, the State Government has provided Keystart with the opportunity to support the increase of affordable housing supply. Under this expanded mandate, Keystart may provide financial assistance for housing developments, participate in innovative housing schemes, and support builders and developers who face barriers in accessing commercial property finance. 

We’re currently working to develop suitable product solutions and expect to be able to launch the first of these to market within the next 12 months. Until these products are available, we’re unable to assess or approve any commercial property financing requests. 

Should you have a suitable financing requirement that you would like to propose to Keystart for consideration as part of our product development, an Alternative Funding Proposals Process (AFP) exists. This process is designed to provides an avenue for potential proponents to engage with us, in a consistent and transparent way, as we work to launch and expand our commercial property financing capability.

We encourage developers, builders, and project proponents to monitor our website and media updates, so you’re informed when new products become available. 

The AFP process 

If you have had an initial discussion with our Commercial Property Finance team, you may  have been invited to submit a proposal for consideration as part of Keystart’s ongoing product development. It is important to note that this invitation, and any subsequent submission, does not create an entitlement to assessment, further engagement or funding.

The information you provide as part of this proposal may be used to inform product design and support market needs analysis as we establish and expand our commercial property finance functions.

Considerations for AFP submissions

Any submissions will be reviewed against the following criteria:

  • Alignment: with Keystart's legislative functions and strategic objectives.
  • Market failure: evidence that commercial financing is unavailable or insufficient.
  • Viability: financial and commercial soundness.
  • Capability: proponent experience and capacity.
  • Feasibility: adequate project readiness and deliverability.
  • Public benefit: contribution to housing supply, affordability or related policy outcomes.

    Principles of the AFP

    The AFP adheres to the following principles:

    Transparency: proponents receive clear information on the process, timelines, confidentiality limitations, and how information will be used.

    • Consistency and fairness: all requests are assessed using the same criteria with documented rationales.
    • Probity: conflicts of interest are managed, confidentiality is maintained, and staff operate to public sector probity standards.
    • Efficiency: processes are designed to manage volume, focus on well-developed proposals, and minimise unnecessary resource use.
    • Strategic value: information gathered supports our product development and market insights.
    • Absolute discretion: Keystart may decline to engage, request further information, or vary processes at any time.
    • No displacement of commercial providers: Keystart will only consider proposals where commercial financing is genuinely unavailable or inadequate.

    Exclusions of the AFP

    The following proposals will not be progressed under the AFP:

    • Luxury residential developments not connected to affordability or supply objectives.
    • Requests for uncommercial terms without justification linked to public benefit.
    • Projects outside Keystart’s mandate or unrelated to housing.
    • Proposals eligible for existing Keystart products.
    • Concepts lacking sufficient detail for meaningful review.
    • Highly complex projects better suited to the MLP process.
    • Requests seeking changes to government policy or matters outside Keystart’s authority.

    We may also decline an otherwise eligible proposal if assessment is premature, better handled by another agency, exceeds Keystart’s capacity, or raises unresolved policy, risk or legal issues.

      How to submit an AFP request

      • Should you wish to submit a request to us under the AFP, you can do so by sending an email to developmentfinance@keystart.com.au.
      • You’ll need to outline the details of the proposal and why Keystart would be best placed to provide assistance. 
      • Ensure you provide sufficient detail in your submission to be able to demonstrate alignment with the considerations and exclusions of the AFP.

      We’ll review all submissions in due course and will provide a timeline of when a response can be expected. Please note this submission does not create an entitlement to assessment, further engagement or funding, so this response may consist of an acknowledgement only at this stage.