Ineligible for a Keystart loan? This useful guide outlines a number of steps you can take to address this. Learn more.
Below are some reasons why you may be ineligible for a loan with Keystart.
You must be an Australian citizen or permanent resident to be eligible for a loan with Keystart. If you are in the process of applying, get back in touch once this is in place.
Keystart aims to provide more people access to affordable home ownership. We only finance properties that are going to be lived in by you, not rented out so we don't offer home loans for investment purposes. If you want to purchase a home to rent out, you will need to approach another lender.
You must be employed for at least six months with your current employer. You may just need to wait a while!
If you are self-employed, you need to be able to show us financial information for at least two full financial years.
We have income limits for our loans. You can view the limits for each loan here. There are different income limits if you live in a regional area or in the Kimberly or Pilbara. You can contact us to discuss your situation if you would like some more information. If your income situation changes, you may wish to get back in contact with us.
In order to ensure our customers can comfortably afford a home loan, we take into consideration existing debts like credit cards and personal loans for each applicant. If your debt adds up to more than 10% of your income, then that exceeds our criteria. The good news is that when you reduce your debts you can apply again!
If you have been declared bankrupt, we need at least two years to have passed since your bankruptcy has been discharged. Once that period has past, get back in contact with us to try again.
You will need to be cleared of any outstanding defaults and court judgements. Then you are able to apply again.
Based on the details you provided it may be that the amount you would be able to borrow is less than than our minimum loan amount of $10,000. If your circumstances change, then feel free to get in touch to see what impact this has on how much you can borrow.
You need to be over the age of 18 years to apply for our home loans.
Read up on our loan requirements.Your requirements for a loan
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If you have a question about our eligibility criteria, you can call us on 1300 578 278, 8am -5pm, Monday-Friday. We're here to help you through your journey.Get in touch