The McGowan Labor Government's 2022-23 State Budget delivers a range of positive outcomes for Western Australians who are looking to build or buy an affordable home.
From the permanent adoption of Keystart’s increased income limits to the news of an upcoming medium and high-density loan product, there are a number of announcements in this budget that will boost access to affordable housing, encourage urban infill, and continue to support the housing construction industry.
Keystart announcements include:
- permanently adopting increased income limits,
- streamlining income limits,
- a new product to support medium and high-density living,
- increased property price limits in the Pilbara, and
- introduction of fifth progress payment for new builds.
From 1 July 2022 Keystart will permanently adopt income limits that were temporarily increased by $15,000 for singles and couples and by $20,000 for families from July 2019 until June 2022. In addition to making these temporary income limits permanent, the income limits for couples will be aligned with the families income limit.
Keystart is also developing a new loan product, the Urban Connect Home Loan, to provide additional options for people wanting medium and high-density homes close to urban centres and METRONET precincts to better suit their needs. The two-year pilot of these loans, capped at 300, will be available for new and established homes. The Urban Connect Home Loan will have higher property prices and limits to ensure access to medium and high-density homes in locations close to transport and urban activity centres.
Regional housing outcomes win in the 2022-23 Budget too, with property price limits for Keystart customers increasing in the Pilbara. This increase reflects the changing median house prices in the region and will make a larger number of affordable housing options available to Pilbara residents.
Lastly, Keystart has approved the ability to support an additional progress payment for Keystart funded new builds, as a part of a wide suite of initiatives to provide stability and support to the building and construction industry.
On the announcements made in the 2022-23 State Budget, Keystart CEO Paul Graham said he welcomed all of the positive news for Western Australians looking to build or buy a home in the near future.
“The great Australian dream of owning a home should remain as accessible as ever, and we cannot let the positive economic and social outcomes associated with home ownership slip from our grip. A number of today’s announcements will enable Keystart to help more Western Australians start their home ownership journey,” Paul said.
“From the Urban Connect Home Loan pilot, which will launch in Perth later this year, to the increased property price limits for Pilbara residents – there are a lot of Western Australians who are going to benefit from these changes and really get the chance to crack into the home ownership market,” he added.
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