In a sign of Western Australia’s buoyant property market, the number of Keystart customers who have been able to refinance this financial year is the highest in more than a decade.
So far, this financial year, 3,763 Keystart customers have refinanced to a traditional lender, compared to around 1,700 last financial year. The figure has already more than doubled the average of the past 10 years and surpasses the previous decade-high mark of 2,271 customers in the 2015 financial year.
Keystart was established in 1989, to make the dream of affordable home ownership a reality for more Western Australians. Keystart’s mission is to provide transitional finance solutions for affordable home ownership in a sustainable way for the benefit of our community.
Keystart works closely with its customers to help them understand how to manage their loan and build financial knowledge and equity, before supporting them to refinance to a traditional lender and access mainstream interest rates.
“Seeing this tremendous movement of Western Australians move from our loans to traditional lenders over the past couple of years demonstrates exactly why Keystart works as a transitional lender, during all economic and property market cycles. We help people get into home ownership and support them until they have enough equity to exist in the mainstream market,” said Keystart CEO, Paul Graham.
“Keystart plays an essential role in the WA housing market by making home ownership affordable, achievable and sustainable for lower and moderate income earning Western Australians.”
“Having more people refinancing also means Keystart has even more capacity to help Western Australians into home ownership,” said Housing Minister John Carey.