Specially designed loan to cover the developer’s deposit for an off-the-plan apartment if you don’t have funds available upfront.
Urban Connect Plus is only available if you're buying an apartment off-the-plan, meaning buying an apartment that hasn't been built yet.
Maximum purchase price of a home:
Loan repayment amounts
Loan repayment amounts shown are based on a simplified amortised schedule of repayments model. Actual loan repayments are subject to various internal and external factors including (but not limited to) changes in interest rates, fees and taxes. In particular, the model cannot predict future interest rates and therefore assumes the current variable rate for the remainder of the loan period.
Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Your deposit will be the higher of 2% or $2,000. The deposit required shown here may vary dependent on location and purchase price.
Purpose of the home loan
Not all loan products allow you to build a home.
This amount is provided for illustrative purposes only. The amount you may be eligible to borrow will be based on a full application. All applications for loans are subject to Keystart's standard credit policies and loan approval criteria, and depend on the particular circumstances and credit attributes of each applicant. Actual loan amounts approved may therefore be different to the results presented.
Urban Connect Plus loan is only available with Urban Connect Home Loan. Here's how the two loans work for off-the-plan apartments.
To hold, or secure, your apartment, you'll need to pay the apartment developer's deposit (a portion of the purchase price - usually around 10%) upfront. The amount of this deposit is set by the developer, not by Keystart.
The construction of the apartment building can take years, depending on the project's size and complexity.
During this phase, you'll make payments towards your Urban Connect Plus loan.
Once the apartment is nearing completion, you'll complete your purchase by paying the developer the rest of the purchase price.
We'll assess your situation again at this point to switch you from Urban Connect Plus to Urban Connect Home Loan.
You'll also get the keys to your new apartment.
Once you've switched to Urban Connect Home Loan, you’ll have a home loan with a longer loan term. We have loads of resources and an app to help you get ahead on your home loan.
The loan product is initially running as a pilot. Fill in our form below to start your enquiry today.
By choosing a few basic details about yourself we can recommend a loan most suitable for you to apply for.
This loan is specifically designed to help you secure your off-the-plan apartment with a loan to cover the developer’s deposit if you don’t have funds available upfront . It's important to note this is not a loan for the entire purchase price of the apartment. This is a personal loan, not a home loan and the loan term can be up to five years.
Urban Connect Plus is only available if you’re buying an off-the-plan apartment, meaning buying an apartment that hasn't been built yet.
Urban Connect Plus loan is only available with Urban Connect Home Loan. With the same criteria as the Urban Connect Home Loan, this loan is available for apartment developments in urban locations and close to transport hubs.
To hold, or secure an apartment, you'll need to pay the apartment developer's deposit (a portion of the purchase price - usually around 10%) upfront, The amount of this deposit is set by the developer, not by Keystart. The loan is available to cover that deposit if you don't have the funds available upfront.
Once your apartment is complete, we'll reassess your financial situation to ensure that a home loan is still suitable for you. Then you'll switch to Urban Connect Home Loan to complete the purchase of your apartment The payments you have made through this loan will contribute to Keystart's home loan deposit requirements.
You'll need to apply for home loan finance first as we'll check if you qualify for an Urban Connect Home Loan for the total purchase price of the apartment.
We'll set you up with the Urban Connect Plus loan. Once your apartment is complete, we'll reassess your financial situation to ensure that a home loan is still suitable for you. Then you'll switch to Urban Connect Home Loan to complete the purchase of your apartment.
The payments you have made through Urban Connect Plus will contribute to our home loan deposit requirements. If you haven't met the 2% deposit requirement for your Urban Connect Home Loan, you'll need to cover those funds.
While unlikely, it is possible that an apartment development doesn't go ahead, for example, if not enough sales are made. If this occurs, you become entitled to a refund of the deposit from the developer. You'd need to use that refund to repay your Urban Connect Plus loan. If the refund is not enough to repay the loan in full, you'll remain liable for the difference. If there are surplus funds available after you have repaid your Urban Connect Plus loan, those funds will be returned to you.
If you can't complete your apartment purchase for any reason, you'll remain liable to repay your Urban Connect Plus loan to us, even if you aren't entitled to recover your deposit from the apartment developer.
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