“The cost of building or buying a home has risen over the last two years, which is reflected in the current median house price for Perth of nearly $560,000. This announcement will help ensure Western Australians can continue to get their foot on the property ladder by accessing Keystart’s low deposit home loans,” Mr Graham said.
The new price limits come after a number of positive initiatives were announced in the 2022-2023 State Budget, including permanently increasing income limits for Keystart customers and the launch of the Urban Connect Home Loan targeted at medium and high-density apartments.
“The great Australian dream of owning a home should remain accessible for as many people as possible. Today’s announcement ensures our customers retain that choice in their home ownership journey," Mr Graham added.
As a low-deposit lender, Keystart lowers the barriers to home ownership. Keystart is unique in the home loan market as its loans have lower entry costs, with deposits as low as 2%, and no lender’s mortgage insurance. As a transitional lender, Keystart encourages customers to move to other lenders when they build equity in their home.
Property price limits on home loans for properties in the Kimberley and Pilbara regions will remain at $650,000 and $750,000 respectively.
The new property price limit will be effective from Monday 12 December 2022.
Read more about our first Urban Connect Home Loan customer.
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