Is Keystart only WA?

Is Keystart only WA?

Keystart began in 1989 as an initiative of the WA State Government. The relationship has continued over time with ongoing support from successive State Governments. We are a private organisation with one shareholder, the Housing Authority. We operate under an independent Board.

Is Keystart a lender?

Keystart is unique in the home loan market. Our loans are designed to help you get into your home faster by lowering the entry costs. Unlike other lenders, Keystart is a transitional lender.

Can you build with Keystart?

Keystart charges interest during construction During your building process, we arrange for payments to be made for the purchase of the land and the progress payments to your builder.

Can I sell my Keystart home?

Selling your home You can complete the Mortgage Discharge Request form to get started and we can advise you of the next steps. If you have a shared ownership home loan, you can read about the process for selling your home in the All about shared ownership guide.

How can I buy a house with low income in Australia?

How to get a mortgage on a low income

  1. Find a loan with a good low interest rate – this will make a huge difference to your repayments.
  2. Find a home with a reasonable asking price.
  3. Clear all of your credit card debts and loan obligations.

How much can you borrow with Keystart?

The extension is in support of the State Government’s policy to assist more Western Australians into home ownership. The government has also approved an increase to Keystart’s borrowing limit by $437.2 million, boosting our lending capacity to $5.3 billion.

How do you qualify for Keystart?

To be eligible, you’ll need to…

  1. be 18 years or older.
  2. be an Australian Citizen or Permanent Resident.
  3. be living in Western Australia and wanting to buy or build here.
  4. have an income within our maximum limits.
  5. not own another home or land at the time of settlement of your Keystart loan.

How long does pre approval take with Keystart?

A pre-qualification advises if you may be eligible for a Keystart loan, and this can take about 5 minutes. Once this is completed, you can start an online application that usually takes between 25-30 minutes. The Keystart team will then be in touch after reviewing your application.

How much money should you have saved before buying a house?

If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.

How much deposit do I need for a $300000 house?

So, if you’re buying a home for $300,000 you’ll need at least $60,000 to cover a 20% deposit. You won’t pay any LMI premiums, but you will need to be sure you have enough additional funds to cover the cost of any other fees and charges associated with the purchase.

Can I buy a house on Centrelink?

The short answer is yes; you can get a home loan if you are receiving Centrelink payments. But if Centrelink is your only source of income, it’s unlikely that a lender will approve you for a home loan. If someone in your household is in paid employment, this will increase your likelihood of securing a loan.

How does Keystart help first home buyers in Perth?

Keystart is a Western Australian Government initiative that provides home loans to those that may not meet the deposit requirements of some of the big banks. These loans help first homes buyers in Perth who are struggling to save for a deposit. If that’s you, this may be a perfect way to get there.

Who is eligible for Keystart loan in WA?

Specific home loan assistance is also available for public housing tenants, sole parents trying to retain the family home, people living with a disability that affects housing needs and Aboriginal applicants. To date, Keystart has helped more than 110,000 WA households realise their home ownership dream.

What’s the minimum deposit for Keystart home loan?

Meaning instead of the traditional 5% to 20% minimum deposit, the deposit can be as little as 2%. They don’t have Lender’s Mortgage Insurance or any monthly account fees. They are also a traditional lender, meaning they encourage people to refinance with another lender when they are ready to do so.

What makes Keystart unique in the home loan market?

Keystart is unique in the home loan market. Our loans are designed to help you get into your home faster by lowering the entry costs. Unlike other lenders, Keystart is a transitional lender. This means we encourage you to refinance with another lender, when you are ready to do so. Low deposit home loan.