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{{propApi.successMessage}} {{region}} Change locationHousing Industry welcomes new Keystart settings - WA
Housing Industry welcomes new Keystart settings - WA
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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.
For more information please contact:
Detached house approvals picking up
“There were 9,490 detached homes approved in the month of April 2025, up by 3.3 per cent compared to the previous month,” stated HIA Senior Economist Maurice Tapang.
State Budget is a missed opportunity to stimulate housing
The Treasurer has handed down the 2025/26 Tasmanian Budget. The Budget focuses on alleviating cost of living pressures, health, education and infrastructure, while mapping out a path to a fiscal balance surplus in 2032/2033.
HIA supports bipartisan approach to planning reform NSW
“The NSW planning system has failed to deliver the number of homes we desperately need and we fully support removing the politics from housing, to address this growing crisis,” said Brad Armitage, HIA Executive Director NSW.
Opposition pledge to remove stamp duty for first home buyers welcomed (Vic)
The Victorian Opposition’s announcement that it would remove stamp duty for first-home buyers spending up to $1 million on a new or existing home if elected at next year’s state election, is a positive step towards improving home affordability,” says Steven Wojtkiw, HIA Victoria Deputy Executive Director.