In a win for WA home buyers struggling to find a home loan, Keystart has announced it will relax eligibility criteria from 1st July 2019 allowing more people to enter the scheme.
The stimulus will provide a boost for the property and construction industry in Western Australia and help more Western Australians realise the dream of home ownership.
Stockland’s General Manager of Communities in WA, Col Dutton hosted Premier Mark McGowan, Treasurer Ben Wyatt and Minister for Housing Peter Tinley at Calleya in Treeby, and welcomed the announcement from the McGowan Government to introduce this targeted housing market stimulus for WA.
Col Dutton, said: “Property is Western Australia's largest employer and accounts for more than 13 per cent of the state's economic activity. This announcement will help to improve confidence in the property market at a critical time in the cycle.
“This boost will provide more Western Australians with access to affordable housing at a time when credit is increasingly difficult to obtain for many home buyers.”
Keystart is one of the most long-running and successful initiatives any government has implemented – not just here in Western Australia but nationally - to improve housing affordability, and over the past three decades it’s helped more than 100,000 Western Australians own their own homes.
Almost 13,000 Keystart loans have been issued over the past five years. Eligible borrowers only need a two per cent deposit and are not charged mortgage insurance, along with the relaxed income limits some of the biggest barriers to entry into the housing market have been significantly reduced.