Keystart income limits extended and additional funding
We are pleased to announce we are extending our increased income limits for our Low Deposit Home Loan until 30 June 2020. The extension is in support of the State Government's policy to assist more Western Australians into home ownership. The government has also approved an increase to Keystart's borrowing limit by $437.2 million, boosting our lending capacity to $5.3 billion.
Keystart's temporary changes to income limits for borrowers, which increased by $15,000 for singles and couples and by $20,000 for families, was to end on 31 December but will now be extended to 30 June 2020. The income limits will revert to previous levels on July 1, 2020.
With around three quarters of Keystart loan approvals for the construction of a new dwelling, these changes are also expected to boost activity in housing construction and stimulate the building industry.
Increased limits now extended to 30 June 2020
| Region | Current income limits | New income limits | Property purchase price cap |
Metropolitan area | $90,000 (Singles) $115,000 (Couples) $135,000 (Families) | $105,000 (Singles) $130,000 (Couples) $155,000 (Families) | $480,000 |
| Regional Areas (excluding Kimberley & Pilbara | $110,000 (Singles) $135,000 (Couples) $135,000 (Families) | $125,000 (Singles) $150,000 (Couples) $155,000 (Families) | $500,000 |
| Kimberley | $120,000 (Singles) $150,000 (Couples) $150,000 (Families) | $135,000 (Singles) $165,000 (Couples) $170,000 (Families) | $650,000 |
| Pilbara | $150,000 (Singles) $180,000 (Couples) $180,000 (Families) | $165,000 (Singles) $195,000 (Couples) $200,000 (Families) | $650,000 |
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