Michelle Roberts

Michelle Roberts

Minister for Housing and Works; Indigenous Affairs; Heritage; Land Information

    First Start shared equity loans accessible for more Western Australians

    23/02/2008 10:17 AM

    Housing and Works Minister Michelle Roberts today announced new changes to the State Government’s First Start shared equity loan schemes.

    “These changes mean that families who previously did not qualify will now be able to realise the dream of buying their own home,” Mrs Roberts said.

    The new income limits for First Start will be:
    • $80,000 for families (up from $70,000);
    • $70,000 for couples (up from $60,000); and
    • $50,000 for singles (up from $43,000).
    The Minister said the maximum property price allowable under the scheme had also been increased from $365,000 to $375,000.

    The State Government would purchase up to 30 per cent of the equity for singles and couples, and up to 40 per cent equity for families.
    “Since the launch of First Start in February 2007, 607 home loans have been approved and a further 426 home buyers have been given pre-approval for finance,” Mrs Roberts said.

    “These results not only demonstrate how well the community has received the scheme, but they also show the Government is clearly on track to fulfil its target of 3,000 loans over three years.

    “This is a chance for many Western Australian families to get off the rent treadmill.”

    The Minister also announced increases to the income limits of a variety of specialised shared equity schemes designed to help disadvantaged groups into home ownership.

    These schemes included Access home loans for people with disabilities, the Aboriginal Home Ownership scheme, the Good Start Loan scheme for public housing tenants and the Sole Parent’s loan scheme.

    “The new limits will bring these schemes in line with First Start, with $80,000 for families, $70,000 for couples and $50,000 for singles,” Mrs Roberts said.

    “The Access scheme has, to date, assisted 656 people with a disability or those who care for a disabled person to enter homeownership. The new limits will help about an extra 20 families each year realise their dreams.

    “Similarly, the Aboriginal Home Ownership scheme which has already assisted 639 families will now be able to cater for a further 20 families a year.

    “I am delighted the First Start equity scheme has already helped so many Western Australians to buy homes and now has the potential to help so many more.”

    Minister's office - 9213 6600