Minimum Building and Established Property Requirements

The Minimum Building and Established Property Requirements are minimum standards. We reserve the right to change these requirements at any time before a loan is provided to you. It is your sole responsibility to ensure that the property and contractual documentation satisfy the Minimum Building Requirements or Established Property Requirements, whichever is applicable.

Minimum Building Requirements

The Minimum Building Requirements specified in this section apply to properties where the loan to be provided by Keystart is for the construction of a home. These requirements also apply to off the plan properties.

Important notes:

1. All builders and building contractors must be registered with the Builders Registration Board and maintain current building indemnity insurance. Proof of building indemnity insurance is required prior to the provision of the first progress payment under the building contract.
2. The Minimum Building Requirements must be included in the building contract for the construction of a new home and cannot, at any time, be removed or varied.
3. The final progress payment under the building contract will not be effected unless and until the Minimum Building requirements have been completed and satisfied.

Car park and access:

1. a carport with a concrete (or other material acceptable to Keystart) slab of industry-standard or applicable building code requirement,
2. a concrete (or other material acceptable to Keystart) driveway from the crossover to a carport adjacent to the house and
3. in the case of a unit or an apartment, the requirements in paragraph 1 and 2 do not apply.

Services:

1. water metered to the boundary or in regional areas where water metered to the boundary is not available, evidence that adequate rainwater tanks have been installed,
2. single-phase electricity,
3. stormwater drains, as required by the relevant local authority and
4. sewerage, as required by the Western Australian Water Corporation or a septic tank or leach drain that is compliant with local authority requirements.

Kitchen/bathroom/laundry:

1. a laundry with a trough and adequate space for a washing machine,
2. a kitchen with a sink, oven and/or hotplates and adequate space for a refrigerator,
3. a bathroom and a toilet. The bathroom must have a shower or a bath and a vanity basin, and
4. bedrooms that are compliant with the applicable building standards.

Despite paragraphs 1 to 4 (above) in the case of a unit or apartment purchase, one or two bedrooms are acceptable with a combined toilet and bathroom, a combined laundry and kitchen, a combined bathroom and laundry or a communal laundry in the apartment building.

Finishing:

1. ceilings and frames must be adequately painted,
2. bathrooms must be tiled,
3. external areas, which reasonably require painting, must be painted,
4. all clear glass windows must have window treatments (for example curtains or venetian blinds),
5. floor coverings are required throughout the property (for example carpets, tiles, polished timber or concrete) and
6. light fittings must be installed throughout the property (for example downlights or bayonets). Junction boxes are not an acceptable substitute for light fittings.

Other:

1. a minimum total area, excluding a carport or garage, of 90 square metres (smaller houses/units may be considered based on locality),
2. the thickness of the house slab must comply with the local authority requirements, and be deemed satisfactory pursuant to an engineer’s certificate,
3. if a retaining wall is required, the cost of the retaining wall must be included in the building cost and the retaining wall must be complete prior to provision of the final progress payment under the building contract,
4. owner builder homes will not be considered,
5. loans for transportable homes can be approved by Keystart. We will consider finance for a transportable kit or pre-fab home when payment is only required once the dwelling is fixed to the land.  Builder and indemnity insurance and minimum building requirements will apply as they would to a non-transportable home.  At final inspection, the valuer will be required to provide commentary on how the transportable home is fixed to the property,
6. the property must be fenced in material compliant with the Dividing Fences Act 1961 (WA) (if you cannot comply with the Dividing Fences Act 1961 (WA),  we may provide the approval pursuant to the legislation),
7. installed mains powered smoke alarms, compliant with the Building Regulations 2012 (WA) and the Building Code of Australia, or permanently affixed battery powered smoke alarms, with a 10-year battery life, where permitted and
8. a minimum of two installed Residual Current Devices (RCDs).

Building contract documentation:

1. a full copy of the signed building contract (including all annexures),
2. costing schedule including:
   1. the base price of the home,
   2. site costs,
   3. any itemised variations,
   4. any reimbursements,
   5. details of the property and 
   6. a maximum of four progress payments; and
3. complete plans, specifications and addendums signed by you and the builder.

Any variations to the building contract price must be approved by us.

Established Property Requirements

These minimum Established Property Requirements apply where the loan to be provided by Keystart is to purchase an established property.

Dependant on the details of the property valuation report, further actions or documentation may be required. Keystart reserve the right to deem the property unacceptable for security purposes.

Construction and presentation:

1. the property (including the gardens) must, in our opinion, be well maintained and of a reasonable standard,
2. ceilings and frames must be adequately painted,
3. internal dry walls must be adequately painted,
4. wet areas must be tiled,
5. external areas, which reasonably require painting, must be painted and be in good repair,
6. clear glass windows must be in good repair and have window treatments (for example curtains or venetian blinds),
7. floor coverings must be throughout the property (for example carpets, tiles, polished timber or concrete) and must be in good repair and
8. the property must be fenced with the fence in a state of good repair.

Car parking and access:

1. a concrete (or other material acceptable to Keystart) driveway from the crossover to a carport adjacent to the house,
2. a carport with a concrete (or other material acceptable to Keystart) slab of industry-standard or applicable building code requirement; and
3. in the case of a unit or apartment, the requirements in paragraph 1 and 2 do not apply.

Services:

1. water metered to the boundary, or in regional areas where water metered to the boundary is not available, evidence that adequate rainwater tanks have been installed;
2. the property must be reasonably habitable and have all relevant local authority and other regulatory body approvals; and
   
3. sewerage, as required by the Western Australian Water Corporation or a septic tank or leach drain that is compliant with local authority requirements.

Other:

1. a laundry with a trough and adequate space for a washing machine;
2. a kitchen with sink, oven and/or hotplates and adequate space for a refrigerator;
3. a bathroom must have a vanity basin and a shower or a bath;
4. despite paragraphs 1 to 3 above, in the case of a unit or apartment purchase, one and two bedrooms are acceptable with a combined toilet and bathroom, a combined laundry and kitchen, a combined bathroom and laundry or a communal laundry in the apartment building;
5. installed mains powered smoke alarms, compliant with the Building Code of Australia, or permanently affixed battery-powered smoke alarms with a 10-year battery life, where permitted; and
6. a minimum of two installed Residual Current Devices (RCDs).
7. In relation to loans for transportable homes, see the requirements in the Minimum Building Requirements.

We will apply these minimum standards for all established properties. The provision of a loan outside these standards will be at our sole discretion, in exceptional circumstances.