{{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change location {{propApi.title}}
{{propApi.text}} {{region}} Change location{{propApi.title}}
{{propApi.successMessage}} {{region}} Change locationHousing Industry welcomes new Keystart settings - WA
Housing Industry welcomes new Keystart settings - WA
Member and guest login
Enter your email and password to access secured content, members only resources and discount prices.
Did you become a member online? If not, you will need to activate your account to login.
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
Forgotten password
Need some help?
If you are having problems logging in, please call HIA helpdesk on 1300 650 620 during business hours.
If the email address you have entered is registered, you will receive an email with further instructions.
Become part of the HIA community
Enables quick and easy registration for future events or learning and grants access to expert advice and valuable resources.
Create a guest account
Enter your details below and create a login
Send me exclusive tips, early access to new launches, and special offers. I can change my mind at any time.
By clicking Get started now you agree to the terms and conditions and privacy policy.
“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:
HIA calls for Work from Home laws to be abandoned
The Housing Industry Association (HIA) is calling on the Victorian Government to abandon its proposed legislation that would create a legislated right to work from home, warning the changes would impose additional regulatory pressure on businesses already struggling.
HIA warns of fresh housing cost rise without fuel excise extension
The Housing Industry Association (HIA) has called for a three-month extension of the fuel excise relief and pause on heavy vehicle road user charges that lapse on 30 June, which risk triggering another round of housing materials cost increases.
Feasibility constraints need to be addressed to combat housing supply shortages
“Today’s HIA Feasibility Forum highlighted that significant changes are needed to make new housing projects stack up,” said Brad Armitage HIA Executive Director NSW.
Australia's Housing Shortage To Worsen As Home Building Falls Behind Population Growth
“HIA estimates that Australia needed to build more than 250,000 homes last year just to keep pace with demand growth and begin reducing the housing shortage. Instead, we commenced construction of just 196,000 homes. That gap is why housing affordability continues to deteriorate," stated Tim Reardon, HIA's Chief Economist.