In a sign of Western Australia's buoyant property market, the number of Keystart customers who have been able to refinance this financial year is the highest in more than a decade.
So far this financial year, 3,763 Keystart customers have refinanced to a traditional lender, compared to around 1,700 last financial year. The figure is already more than double the average of the past decade and surpasses the previous decade-high mark of 2,271 customers in the 2015 financial year.
Keystart was established in 1989 by the State Labor Government to support lower and middle income earning Western Australians with purchasing an affordable home with a low deposit loan and no lender's mortgage insurance.
Keystart works closely with its customers to help them understand how to manage their loan and build financial knowledge and equity, before supporting them in refinancing to a traditional lender and access mainstream interest rates.
Keystart is nationally recognised as the most successful scheme of its kind. By lowering barriers to entry, Keystart helps make the dream of affordable home ownership a reality for more Western Australians and build equity in their homes.
Since it began 33 years ago, Keystart has supported more than 118,000 Western Australians achieve the dream of home ownership.
Homebuyers are encouraged to visit Keystart's website at https://www.keystart.com.au
As stated by Housing Minister John Carey:
"The refinancing rates we are seeing at Keystart are a testament to the success of this initiative, which was established by the State Labor Government in 1989.
"Keystart plays an essential role in the WA housing market by making home ownership affordable, achievable and sustainable for lower and moderate income earning Western Australians.
"As a transitional lender, Keystart exists to get people into their own homes sooner and then supports them to refinance to traditional lenders when they are ready. It is great to see so many Keystart customers making the most of the improved property and lending markets.
"Having more people refinancing also means Keystart has even more capacity to help Western Australians into home ownership.
"The McGowan Government has implemented a number of changes to support greater access to Keystart for Western Australians, including increases to income eligibility limits and boosting the borrowing capacity of the lender to $5.8 billion.
"It is important to recognise that while increases in property and rental prices are beneficial for some, it is not the case for everyone. That is why we are investing $2.1 billion to expand social housing and have developed the Housing Diversity Pipeline, which is aimed at developing under-utilised State Government land to increase our stock of social and affordable rental homes."
