Western Australians looking to buy off-the-plan apartments have been given more options, thanks to our new Urban Connect Plus loan product.
Urban Connect Home Loan was launched in 2022 to help make medium and high-density living more accessible and to support the Western Australian Government's infill priority.
Keystart is pleased to announce Urban Connect Plus, an extension of the Urban Connect Home Loan to include funding for off-the-plan deposits for apartments.
“We know that a lot of buyers want to live in vibrant, urban centres and apartment living is an attractive option,” Keystart's Interim Chief Executive Officer, Felicity Zimmermann, said.
“However, customers don't always have the funds available upfront to cover the developer's off-the-plan deposit.”
The Urban Connect Home Loan is accessible to Western Australian singles earning up to $180,000 a year to purchase an apartment for $560,000 or less, and couples or families with a combined income of up to $200,000 a year to purchase an apartment for $650,000 or less.
The Urban Connect Plus loan is only available with an Urban Connect Home Loan and is there to cover the developer's deposit. Whilst the apartment is being built the customer will make payments toward their Urban Connect Plus loan. Then once the apartment nears completion and the rest of the purchase price is due to the developer, the customer will transfer to our Urban Connect Home Loan.
“Saving for a deposit for an off-the-plan can be a significant hurdle for many people, so we hope to open up greater housing choice for our customers and provide another pathway to home ownership,” Ms Zimmermann said.