Is Keystart only in WA? Keystart is a WA government initiative designed to help people get into their own home faster by reducing entry costs. Keystart offers low deposit home loans with no lender’s mortgage
Is Keystart only in WA?
Keystart is a WA government initiative designed to help people get into their own home faster by reducing entry costs. Keystart offers low deposit home loans with no lender’s mortgage insurance. be living in Western Australia and wanting to buy or build here.
Who is eligible for Keystart?
You must be an Australian citizen or permanent resident to be eligible for a loan with Keystart. If you are in the process of applying, get back in touch once this is in place.
Is Keystart a lender?
Keystart is unique in the home loan market. 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.
How much do you need to earn for Keystart?
Increased limits now extended to 30 June 2020
| Region | Current income limits |
|---|---|
| Regional Areas (excluding Kimberley & Pilbara | $110,000 (Singles) $135,000 (Couples) $135,000 (Families) |
| Kimberley | $120,000 (Singles) $150,000 (Couples) $150,000 (Families) |
| Pilbara | $150,000 (Singles) $180,000 (Couples) $180,000 (Families) |
Do you need genuine savings for Keystart?
Keystart no longer require genuine savings as part of their minimum deposit requirements. Keystart typically require a deposit of 2%, although it can vary depending upon purchase price and location. Keystart have also made some changes in how they calculate customer expenses.
Will Keystart drop interest rates?
As a result, Keystart is pleased to announce that we are decreasing our rate to 4.54% effective from 24 March 2020.
How long does Keystart pre approval take?
about 5 minutes
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 long does it take to get approved for Keystart?
Settlement involves a few different parties and usually takes up to four weeks to get everything organised. Keystart recommends getting conditional approval before making an offer or paying a deposit on building a home.
How do I get out of Keystart?
You can do that by calling them on their customer hotline 1300 578 278, alternatively, you can email them at [email protected]. You’ll need to fill in and submit Keystart’s Discharge of Mortgage Authority form . They require a minimum of 10 business days to process a release request.
Do you need savings for Keystart?
Saving the deposit for your home may seem like mission impossible, but the good news is, it doesn’t have to be. All you have to do is keep it simple and follow a savings plan. And at Keystart, our home loan deposits start from as low as 2%, which makes the dream of home ownership much more achievable.
How long does it take to get a Keystart loan?
Keystart’s process You can find out if you qualify for a Keystart home loan within five minutes. You can then go on to start an online application which may take between 20-30 minutes.
How can I buy a house with low income in Australia?
How to get a mortgage on a low income
- Find a loan with a good low interest rate – this will make a huge difference to your repayments.
- Find a home with a reasonable asking price.
- Clear all of your credit card debts and loan obligations.