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WA first-homebuyers to get easier access to Keystart

Satterley welcomes the recent decision from the State Government to relax the eligibility criteria for first-homebuyers wanting to borrow money from the government-owned agency Keystart.

Keystart lends to lower income earners who might have difficulty getting a home loan approved by a big bank.

Under changes to be made in the Budget, income thresholds for borrowing from Keystart will be lifted by $15,000 for singles and couples and $20,000 for families.

This will see income limits increased to $105,000 for singles, $130,000 for couples and $155,000 for families buying a home valued at up to $480,000 in Perth. In regional areas, where income thresholds are higher, limits will rise by the same amount. The changes to the Keystart eligibility criteria will help drive new building activity and stimulate the State’s economy.

Satterley CEO, Nigel Satterley said “We welcome initiatives that will allow first-home buyers a chance to get into the market. The same stringent measures will be in place to make sure repayments can be made but this at least allows more potential purchasers an alternative to the big banks who have become more cautious in recent years”.

“It is very important the building industry is supported by good policy making in a tough market. This is a great opportunity for home buyers to take advantage of great deals across the Perth property market and an opportunity for the building industry to regain momentum.”

It is vital those who have been waiting for finance opportunities act fast as this is a limited opportunity to get into the property market. The lower barriers will only be temporary, lasting for six months until December 31 2019.

Image source: Keystart

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