Published
4 July 2024
Ministers
Changes to Keystart property price and income limits
The Cook Government has announced major changes to Keystart's property price and income limits, to assist more Western Australians achieve their home ownership goals.
- Major changes to Keystart's property price and income limits to assist more Western Australians
- Keystart has assisted more than 122,000 Western Australians achieve home ownership
The Cook Government has announced major changes to Keystart's property price and income limits, to assist more Western Australians achieve their home ownership goals.
Acknowledging the impacts of cost of living and an unprecedented 13 increases in the official cash rate by the Reserve Bank of Australia since 2022, Keystart's new property price and income limits will see more Western Australians eligible for the scheme.
Under the new product settings mechanism, Keystart's property price limits will be reviewed against annualised median house prices sourced from the Real Estate Institute of Western Australia (REIWA) on a regular basis. Income limits will reflect the income required to service the property price limits.
These settings are dynamic and will increase or decrease to reflect market conditions. The changes support Keystart's mission of helping more Western Australians into home ownership sooner.
The new property price limits and income limits are as follows, effective 4 July 2024:
|
|
Previous property price limit |
New property price limit |
Previous income limit |
New income limit |
|
Low Deposit Home Loan |
$560,000 |
$650,000* |
Singles: $105,000 Couples and families: $155,000 |
Singles: $137,000* Couples and families: $206,000* |
|
Shared Ownership Home Loan |
$412,000 |
$535,000 |
Singles: $70,000 Couples and families: $90,000 |
Singles: Couples and families: $174,000 |
* The new limits apply throughout the State, excluding Kimberley and Pilbara regions as these areas have unique housing conditions and will be reviewed separately.
** Figures based on REIWA data as at 31 May 2024.
Comments attributed to Housing Minister John Carey:
"Since its inception in 1989 under the WA Labor Government, Keystart has assisted more than 122,000 Western Australians achieve their homeownership goals.
"Our Government is acutely aware of the pressure on the housing market and its impact on many Western Australians, and we continue to do everything we can to boost accommodation options and housing supply.
"Keystart is unique in the home loan market. As a transitional lender, Keystart exists to enable more Western Australians to get into the housing market and provides options to flexibly transition to traditional lenders."
