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Buying a home

Stephen's 5-year plan to leave Keystart


Roisin Broderick, Content Specialist, Keystart

02 Mar 2021 • 2 mins

Stephen has been a Keystart customer for the last five years and is sad to be leaving! But he bought his home with a long term goal in mind. He had a plan to refinance to another lender as soon as he was able to do so. 

In fact, in just five years, he has managed to build his equity and is now able to do just that.

“I'd love to stay! The only reason I'm leaving is I am now able to move to a lender with a lower interest rate. I'm so grateful for the opportunity Keystart gave me to purchase my own home and am pleased to think that Keystart will be able to help another family now that I have moved on.

“Keystart staff have always been polite, thoughtful and really take the time to help. I want to really pass on my thanks to the team. It's hard to find that level of service elsewhere.”

A sometimes bumpy road

The path to refinancing hasn't been straightforward for Stephen. He explains,"It's tough to build equity. Property prices have dropped since we bought our home. However, from the very early days of our loan, we tried to always pay more than the minimum. Even if it's just a small amount. Regular payments go a long way to building equity.”

Stephen's tip for Keystart customers

"Always speak to your lender, keep your communications open. There were times when I needed a bit of flexibility and speaking to Keystart early, before issues get too big, helped to keep us on track. Also, by paying more than our minimum we built up a buffer if we needed it."

He also suggests tying your repayments with your pay cycle and to make payments at least fortnightly to get ahead.

He has not only done this with his loan, he has also offered this advice to his mother and daughter- both of whom are also Keystart customers!

What's next for Stephen

While still enjoying the home he bought with his Keystart loan, Stephen and his wife are planning a tree-change on their retirement with a move planned to Denmark or Albany – somewhere cooler with a lot of garden.

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How to move from Keystart

A guide to refinancing

Keystart recommends that you seek your own independent financial advice prior to making any decisions about your financial needs. Any examples given in this post are provided for illustrative purposes only.