KEYSTART LOW DEPOSIT HOME LOANS
At SmoothStart, first home ownership has never been easier, thanks to a range of low deposit home loan options such as Keystart. If you have found it difficult to save for a deposit in the past, a Keystart home loan may be the best option to help you purchase your first home.
What is a Keystart home loan?
The Keystart ‘Low Deposit’ home loan is a variable interest rate which can be used by owner-occupiers to buy an established home or build a new one. Created by the West Australian Government to help people into homes with a lower deposit, it is available to both first and non-first home buyers across the entire State.
Keystart providing affordable finance options where other home lenders are unable to provide assistance and as of January 2017, Keystart home loans are now available to even more people. Thanks to a relaxation of the rules, the lending criteria changed to allow even more West Australians achieve their dreams of homeownership, with loans now available in the Perth metro area for:
- Singles earning up to $90,000, previously $75,000
- Couples earning up to $115,000, previously $95,000
- Families earning up to $135,000, previously $115,000
The Keystart difference
One of the most attractive features of Keystart is that you only require a 2% deposit of the property purchase price, of which only 1% needs to be genuine savings. This is ideal for first home buyers, as the First Home Owner Grant can contribute towards this 2% deposit.
Another one of the significant differences between Keystart and the major banks is that they don’t require any mortgage insurance. Lenders mortgage insurance (LMI) is typically required if clients fall short of their deposit requirements, but thanks to Keystart, clients can save between $8,000 and $10,000 by charging no LMI.
The no mortgage insurance also reduces your end loan amount, thereby reducing your monthly repayments. So if you are building a new home, you only have to pay $50 per week during the construction period*, which is a great advantage if you are renting at the same time.
Let SmoothStart help
At SmoothStart, we are here to help make your dreams of home ownership come true, no matter your financial situation. Working with our network of experienced first home finance brokers who can access a range of options like Keystart, we will let you know if you qualify and help you through the entire application process.
Let SmoothStart help get you into your first home sooner than you ever thought possible with a Keystart low deposit home loan. Fill out an enquiry form below and our team of experienced professionals will be able to further assist you.