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April 1, 2019

What are Keystart Loans and how do they work?

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Keystart Home Loans offer low deposit home loan options for first and subsequent homebuyers in Western Australia who might be unable to meet the deposit requirements of mainstream lenders.

A Keystart Home Loan is only available to people who will become owner occupiers and is designed for people likely to be renting or trying to save a deposit. To be eligible for a Keystart loan all you need is a 2% deposit.

Another huge benefit; a Keystart Loan doesn’t require mortgage insurance, so you could be saving up to $15,000 and keeping your loan repayments down. If you’re building, you only need to pay $50 per week over the construction period; although it is recommended that you pay as much as you can afford because the interest will capitalise each month.

Keystart Home Loans accept credit defaults in certain circumstances, so if you have a default on your credit file, you may still be able to get a loan.

Home loans are provided in the Perth metro area and in regional WA. Eligibility criteria must be met in order to apply for a Keystart home loan. They consider your income bracket (which varies for singles, couples and families) and the financial commitments you already have. The purchase price of your home or home and land package is limited, so be sure to get some information from a specialist to see if you qualify for Keystart.