Keystart launches Urban Connect Shared Equity to help more Western Australians into home ownership
Keystart has today launched its new Urban Connect Shared Equity scheme, to help make affordable home ownership a reality for more Western Australians.
The $210 million initiative delivers a key WA Government election commitment to provide 1000 shared equity loans for new apartments and townhouses.
Through Keystart’s Urban Connect Shared Equity, Western Australians can buy a new apartment or townhouse worth up to $730,000, with the State Government taking an equity share of up to 35 per cent or $250,000 in the property, and only a 2 per cent deposit required.
Urban Connect Shared Equity is available for individual, multiple or grouped dwellings – including apartments, townhouses, unit and villas – which are newly-built, under construction or off-the-plan and located anywhere in WA.
Properties can be single or multi-storey, built or survey strata, or on a green title with a maximum land size of up to 200 square metres.
Income limits for the scheme are in line with Keystart’s existing shared equity income limits – $123,000 for singles or $189,000 for couples.
Keystart chief executive officer Mark Tomasz said Urban Connect Shared Equity would help to drive housing supply while reducing costs for homebuyers.
“With an Urban Connect Shared Equity loan, homeowners will pay a low 2 per cent deposit and reduce their mortgage repayments, opening the door for more Western Australians to get into a home of their own.
“This initiative will encourage more supply of new apartments and townhouses, giving Western Australians greater housing choice and supporting infill development.
“Through Urban Connect Shared Equity, Keystart is making the dream of an affordable home a reality for more people.”
More information on Urban Connect Shared Equity is available here.
Read Premier Roger Cook’s media statement here.
