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Changes to Keystart property price limits and income limits set to help more Western Australians into home ownership.

Mark Tomasz, Chief Executive Officer

03 Jul 2024 • 2 mins

Keystart is pleased to announce significant changes to our product settings, increasing the accessibility of the scheme and making home ownership an option for more Western Australians.

The changes will be effective from Thursday 4 July 2024.

"With rising interest rates, a strong local property market and increased cost of living, it is more challenging for Western Australians to save for a deposit and get the chance to own their own home,” said Keystart’s Chief Executive Officer, Mark Tomasz.

"Many households have been finding it harder to enter home ownership with the deposit barrier being even higher.  Keystart’s low deposit home loans with no lender’s mortgage insurance lower this barrier," he said.

Keystart’s new property price limits and income limits will see more Western Australians eligible for the scheme.

Under the new product settings mechanism, Keystart’s property price limits will be reviewed periodically against annualised median house prices sourced from REIWA. Income limits will reflect the income required to service the property price limits.

These settings are dynamic and will increase or decrease to reflect market conditions.

The changes support Keystart’s mission of helping more Western Australians into home ownership sooner. 

The new property price limits and income limits are as follows, effective Thursday 4 July 2024:
 Previous property price limitNew property price limitPrevious income limitNew income limit
Low Deposit Home Loan$560,000$650,000*

Singles: $105,000

Couples and families: $155,000

Singles: $137,000*

Couples and families: $206,000*

Shared Ownership Home Loan$412,000**$535,000*

Singles: $70,000

Couples and families: $90,000

Singles: $113,000*

Couples and families: $174,000*

Figures based on REIWA data as at 31 May 2024.
*The new limits apply throughout the State, excluding Kimberley and Pilbara regions.
** This property price limit does not include SharedStart loans.

Work is currently underway to determine the most appropriate settings for Kimberley and Pilbara regions to ensure both the low deposit home loan and shared equity home loan settings can align with the unique market conditions for both regions.

Keystart is unique in the home loan market. As a transitional lender, we exist to enable more Western Australians to get into the housing market and provide options to flexibly transition to traditional lenders.

Homebuyers benefit from lower entry costs that come with our home loan products, including deposit requirements as low as two per cent and no lender’s mortgage insurance – which can mean savings of tens of thousands of dollars for home buyers.  

Since its inception in 1989, Keystart has helped more than 122,000 Western Australians get started in their own homes.

For media enquiries contact:

Niall Naghten, Clarity Communications
m: 0466 276 591

Read Minister John Carey's Media Statement

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.

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