Guest Article - The key to affordable home ownership in WA

The ability to access affordable housing lies at the heart of the great Australian dream of home ownership.

According to recently released findings by Committee for Perth, cost of living in Greater Perth has reduced in recent years, making it the most affordable major capital in Australia (FACTBase Bulletin 67). Greater Perth has also recorded the highest rate of income growth from 2017-2018, as compared to the other major Australian capital cities.

The combination of factors makes Perth an attractive place to live and work, particularly for Australians dreaming of owning a home.

A key to making that dream a reality is the ability to access finance yet, for some people wanting to buy or build a new home, the initial entry costs can be an almost insurmountable barrier.

Keystart is proud to offer Western Australians an alternative option that, in the past 30 years, has helped more than 102,000 people get into their own home.

The Keystart scheme is designed for people on lower to moderate incomes who have the ability to service a loan. Since 1989, Keystart has been helping people overcome the initial entry costs by only requiring a deposit from as low as 2% and not charging lender’s mortgage insurance.

It is important to Keystart that all borrowers are in a sound financial position before they are granted a loan, and that the product offering is appropriate for individual circumstances.

Keystart takes its responsibility to borrowers seriously and all customers must meet strict eligibility criteria before being granted a loan. Within time, Keystart customers refinance with a traditional lender when they are ready and able to do so.

At the end of 2018, the McGowan Government extended Keystart’s loan book by almost $421 million, equating to an extra 1,100 home loans.

This extension was on top of the $500 million already approved since the 2017 election. Together, these funds boosted Keystart’s total loan book to $4.8 billion.

In fact, Keystart has been so successful that the Federal Government is looking to it for advice about setting up its own affordable lending scheme.

Keystart is passionate about the future of Western Australia and proud to offer a product that is viewed as setting the standard nationally when it comes to addressing cost of living pressures and housing affordability.

Acknowledgement of Country

The Committee For Perth acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.