Today Keystart launched the Urban Connect Home Loan pilot which will provide 300 home loans to Western Australians to buy medium and high-density homes close to transport hubs and in urban locations across 189 suburbs in the greater Perth area.
The first of its kind in Australia, this home loan is specifically designed to make medium and high-density living more accessible and support the Western Australian Government's infill priority.
The Urban Connect Home Loan will be accessible to Western Australian singles earning up to $180,000 a year to purchase a home for $550,000 or less, and couples and families with a combined income of up to $200,000 a year to purchase a home for $650,000 or less. People can purchase apartments in medium and high-density buildings which have a minimum of two bedrooms.
The property price and income limits ensure access to medium and high-density homes in locations close to transport and urban activity centres, providing additional options for people to purchase apartments close to urban centres and selected rail transport hubs to better suit their needs.
Premier Mark McGowan with Keystart CEO Paul Graham
The two-year pilot of these loans, capped at 300, will be available for new and established homes.
Keystart CEO Paul Graham said he welcomed this innovative new product to Keystart’s home loan offering and saw it as a natural extension of Keystart’s role to help Western Australians start their home ownership journey sooner.
"The Urban Connect pilot is going to give us really valuable insight into the long-term need for a product like this in Western Australia. We know that saving for a deposit to secure finance is the biggest barrier to home ownership for most people and is usually being saved simultaneously to people paying rent," Paul said.
“Keystart's low deposit home loans help people get their foot on the property ladder sooner and start building equity instead of paying rent, and we're seeing a growing need for this type of assistance across more demographics and property types," he added.
"By making home ownership more accessible to Western Australians, especially in urban areas and locations close to transport infrastructure, we can support infill targets and contribute to vibrant and engaged communities around greater Perth."
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