The McGowan Government will extend increased income limits for homebuyers taking out Keystart loans until June 30, 2021, and promote the availability of a home renovation loan for existing Keystart customers.
The campaign builds on the announcement earlier this week of a $444 million housing stimulus package designed to protect and support jobs in the residential construction sector and to encourage homebuyers.
In July 2019, as part of the McGowan Government's policy to help more Western Australians achieve the dream of home ownership, Keystart increased maximum income limits for applicants eligible for its low deposit home loans.
The new income limits rose by $15,000 for singles and couples, and $20,000 for families and, dependant on metropolitan or regional location, applied to homes valued up to $650,000.
The new eligibility arrangements were due to revert on July 1, 2020, but will now continue for at least 12 months.
In addition, existing Keystart customers can now access home renovation loans from $1,000 up to $100,000 to undertake property improvements and renovations.
The promotion of the existing increase loan, now known as a renovation loan, aims to create opportunities for eligible Keystart customers to undertake home improvement projects and invest in their property, while supporting the local housing and construction industry.
Comments attributed to Housing Minister Peter Tinley:
"The Home Renovation Loan campaign launched today could see up to $12.4 million injected into the Western Australian economy through products and construction services.
"The McGowan Government understands the importance of owning your own home and has worked hard to make that dream accessible for more and more Western Australians.
"We also recognise that renovating and home-improvement can have the win-win effect of adding value for property-owners while also providing work for trades and businesses and supporting the economy."
Comments attributed to Keystart CEO Paul Graham:
"Keystart is a passionate advocate of making housing affordable and is dedicated to supporting our customers and industry.
"We will continue our proud 30-year history of helping to make the dream of home ownership a reality for Western Australians."
Minister's office - 6552 5300
For more visit: http://www.keystart.com.au or contact Keystart by email email@example.com or phone 1300 578 278.
|Region||Current Income Limits||Property Purchase Price Cap|
|Metropolitan area||$105,000 (Singles)|| |
|||$155,000 (Families)|| |
|Regional Areas |
(excluding Kimberley & Pilbara)
|$125,000 (Singles)|| |
|||$155,000 (Families)|| |
|Kimberley||$135,000 (Singles)|| |
|||$170,000 (Families)|| |
|Pilbara||$165,000 (Singles)|| |
|||$200,000 (Families)|| |