Transitional lender Keystart has launched a new offering to help Western Australians buy a home sooner.
The Urban Connect Home Loan pilot will provide 300 home loans to Western Australians to buy medium and high-density homes close to transport hubs and in urban locations across 189 suburbs in the greater Perth area.
The first of its kind in Australia, the home loan is specifically designed to make medium- and high-density living more accessible and to support the Western Australian Government’s infill priority.
The Urban Connect Home Loan will be accessible to Western Australian singles earning up to $180,000 a year to purchase a home for $550,000 or less, and couples and families with a combined income of up to $200,000 a year to purchase a home for $650,000 or less.
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People can purchase apartments in medium- and high-density buildings which have a minimum of two bedrooms. The property price and income limits ensure access in locations close to transport and urban activity centres, providing additional options for people to purchase apartments close to urban centres and selected rail transport hubs to better suit their needs.
The two-year pilot of these loans, which is capped at 300 places, will be available for new and established homes.
Keystart CEO Paul Graham (pictured above right with Western Australian State Premier Mark McGowan) said he welcomed this innovative new product and saw it as a natural extension of the company’s role in helping Western Australians start their homeownership journey sooner.
“The Urban Connect pilot is going to give us really valuable insight into the long-term need for a product like this in Western Australia,” Graham said. “We know that saving for a deposit to secure finance is the biggest barrier to homeownership for most people and is usually being saved simultaneously to people paying rent.”
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Graham said Keystart’s low deposit home loans helped people get their foot on the property ladder sooner and to start building equity instead of paying rent.
“We are seeing a growing need for this type of assistance across more demographics and property types,” he said. “By making homeownership more accessible to Western Australians, especially in urban areas and locations close to transport infrastructure, we can support infill targets and contribute to vibrant and engaged communities around greater Perth.”
