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“With a 40% increase in the construction costs of a new home, continued growth in the established housing market, and a 30% decrease in borrowing capacity, a deposit for a new home has been harder to save for than ever,” stated HIA Executive Director Michael McGowan.
“For 30 years Keystart has been providing low deposit loans for Western Australians looking to own their own home, however conditions over the last two years have meant the volume of people that Keystart can help has significantly reduced.
“These changes will not only allow more people to consider home ownership but give Keystart flexibility in changing environments to stay relevant to the median house price.
“What we have seen over the last 12 months is that the ‘bank of mum and dad’ has been relied upon heavily to provide deposits and security to help their children into the housing market. These changes will help reduce that need and risk for Western Australian families.
“Keystart is a lender and must assess every application under strict ASIC guidelines that ensure a customer is able to service their loan. With increasing house prices, an increased salary threshold is needed to service the low deposit loan.
“Housing demand in the current environment remains strong but we must ensure we are continuing to look at options to make home ownership accessible for more Western Australians, and this is a positive step in the right direction.
Keystart has been the envy of the rest of the country for over 30 years and has helped more than 120,000 Western Australians into home ownership. These changes will make home ownership a realistic possibility for more people,” Mr McGowan concluded.
The new property price limits and income limits are as follows, effective 4 July 2024:
|
Previous property price limit |
New property |
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: $113,000 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.
See full WA State Government statement here.
Building approvals for dwellings in Canberra for the year to the end of March have shown some signs that the market may be turning the corner but still remain well below government targets.
“Australia has just seen its two weakest years of new home commencements in over a decade, meaning these ongoing shortages of skilled trades are not being caused by home building activity,” stated HIA Chief Economist, Tim Reardon.
“There were 48,620 new homes approved for construction in the first quarter of 2025, up by 20.8 per cent on a year earlier,” stated HIA Senior Economist Tom Devitt.
“The Housing Industry Association (HIA) calls on the newly elected Federal Government to make housing a first-order priority from day one, any delay or political grandstanding will only deepen the nation’s housing crisis,” HIA Managing Director Jocelyn Martin said today.