1. Modular Construction Home Loan Product
Recognizing the potential of modular homes to reduce construction timeframes and costs, Keystart now offers low deposit home loans specifically for modular housing. This product covers land, construction, transport, and connection to foundations, requiring only a 2% deposit. Additionally, Keystart supports modular builders with up to four progress payments during the off-site construction process.
2. Expansion of Shared Ownership Program
In a significant move to diversify housing options, Keystart is expanding its shared ownership program to include new or under-construction apartments, townhouses, and other multi-residential dwellings. With a $210 million commitment from the government, this initiative aims to support 1,000 shared ownership home loans, allowing customers to co-own their homes with the State Government contributing up to 35% or $250,000 towards the property’s value.
3. Graduate and Apprentice Loans
Understanding the challenges faced by graduates and apprentices in saving for a home deposit, Keystart is launching a pilot program offering low deposit loans tailored for this demographic. The Graduate and Apprentice Home Loan includes free financial coaching and reduced mortgage repayments, providing a supportive pathway to homeownership for young professionals.
4. Transition to Government Trading Enterprise (GTE)
Effective from July 1, Keystart will transition to a Government Trading Enterprise, enhancing its transparency and accountability. This change will enable Keystart to play a more significant role in supporting housing outcomes for Western Australians, backed by a new Board of Directors.
Conclusion
These initiatives by Keystart represent a proactive approach to addressing housing affordability and accessibility in Western Australia. At MIRA, we applaud these efforts and remain dedicated to collaborating with partners who share our vision of making homeownership attainable for all.
For more information on Keystart’s programs and how they might benefit you, please visit Keystart’s official website.
