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Housing Industry welcomes new Keystart settings - WA

Media release

Housing Industry welcomes new Keystart settings - WA

Media release
HIA welcomes today’s announcement to revise settings and provide flexibility to Keystart and its customers in a market that has changed significantly over the course of the last 3 years.

“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
price limit

Previous income limit

New income limit

Low Deposit Home Loan



Singles: $105,000 Couples and families: $155,000

Singles: $137,000*

Couples and families: $206,000*

Shared Ownership Home Loan



Singles: $70,000 Couples and families: $90,000



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:

Michael McGowan

Executive Director - Western Australia
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