The McGowan Labor Government has launched a new advertising campaign to help as many people as possible achieve the dream of home ownership, as new figures show the recent changes to Keystart are having a positive impact.
The targeted housing stimulus commenced on July 1, allowing more Western Australians to access Keystart home loans to help boost the local economy and create jobs.
Under the measures announced in the Budget, Keystart's existing income limits for borrowers have increased by $15,000 for singles and couples and by $20,000 for families until December 31, 2019. The limits will revert to previous levels from January 1, 2020.
The Opening Doors initiative, delivered through the Department of Communities, aims to make home ownership more affordable for Western Australians.
The department works in partnership with the residential development industry to build quality, affordable homes across the State. As one of WA's largest housing developers, the department leverages its assets to achieve discounts on the cost of construction and passes these savings on to homebuyers.
Revenue from the sale of completed homes, land, and house and land packages through Opening Doors is re-invested to build and maintain quality social housing, and increase affordable housing opportunities.
As stated by Housing Minister Peter Tinley:
"The Opening Doors initiative gives Western Australians access to high-quality affordable housing through the Department of Communities.
"Since we eased the eligibility criteria for Keystart earlier this year, we have seen 305 applications from prospective buyers who were previously ineligible for Keystart's low deposit loans.
"Of the 216 applicants pre-approved or approved for finance, 71 per cent (153) have elected to build or purchase a newly built property.
"I encourage anyone who may qualify and is thinking of buying their own home to visit the Opening Doors website for more information."
As stated by Perth MLA John Carey:
"Our changes to Keystart were all about giving more Western Australians the chance to own their own home.
"The targeted housing stimulus was also designed to deliver a much-needed boost to the State's construction industry.
"Some of Keystart's major broker groups have advised that Keystart's share of their business has increased in the past few months and their leads have also increased by 25 per cent due to the additional interest.
"More Western Australians are now able to achieve their dream of home ownership which in turn is driving new building activity and providing an important stimulus to the residential building industry."
