Keystart has partnered with energy generator and retailer Synergy, and builder and developer Mirvac in an experiment in affordable housing and energy efficiency.
Applications are now open for families who would qualify for Keystart to apply and take part in the Mirvac Affordability Experiment, which seeks to address both the challenge of building a home that is affordable to buy, and also affordable to live in.
Keystart offers an affordable pathway into home ownership for Western Australians who have the ability to service a loan, helping homebuyers overcome the initial entry costs that can be a barrier to home ownership.
As part of the experiment, a three bed, two bath, two-storey home valued at approximately $415,000 will be built within an estate in Bennett Springs north-east of Perth, with one WA family moving into the home in April 2020 for a 12-month study.
The chosen family will have rental payments set aside and saved by Mirvac, with the final amount to be used as a deposit to buy the home or another Mirvac home at the end of the study.
The home will be built to an 8.4 star energy rating, taking into account various energy saving initiatives, including solar passive design and energy efficient appliances, with Synergy helping the family to better manage their energy consumption and lower their power bills.
Keystart CEO Paul Graham said the Mirvac Affordability Experiment was a fantastic opportunity for the organisation to showcase how it worked with Western Australians to make the dream of affordable home ownership a reality.
We are excited to work with the selected family to assist them with education and support about purchasing your first home,” Mr Graham said.
WA Minister for Housing Hon. Peter Tinley MLA said the government’s Affordable Housing Action Plan and its recent changes to Keystart’s low deposit lending scheme are initiatives designed to help people achieve home ownership.
The provision of more housing options, higher quality homes and dwellings that use environmentally sustainable, energy efficient and innovative design principles are all part of the mix of housing product that the State Government wants for Western Australia.”
Synergy CEO Jason Waters said Synergy was proud to be involved in such a project, which will harness the benefits of renewable energy and help reduce the chance of bill stress for first home buyers.
“Solar energy continues to be one of the most immediate opportunities for our customers to reduce their electricity bills and contribute to a cleaner electricity supply chain,” Mr Waters said.
The family’s energy, water use, and lifestyle will be monitored over the 12-month period in order to better understand the cost savings that can be achieved by living in an efficient home.
Mirvac's General Manager Residential WA, Paige Walker, said the Affordability Experiment further demonstrates Mirvac’s commitment to addressing the issue of affordable housing.
"Housing affordability is a major challenge that needs to be addressed and we want to make sure we respond to our customers’ needs and help find the best solutions for them," Ms Walker said.
The search for the family commences on 25 September, with families able to apply to be a part of the project. Applications close on 3 November.
For more information or to apply, families should visit:
(08) 6555 4977