Keystart increases income limits

06 May Keystart increases income limits

Keystart has made changes to the income limits for applicants for the second half of 2019. The move will mean an estimated 11,000 additional West Australian households will qualify for the low deposit loan scheme.

The scheme set up in 1989 has helped in excess of 100,000 West Australians into home ownership. The scheme allows a low deposit of 2% and removes the requirement for lenders mortgage insurance enabling applicants to get into a property sooner.

Currently the facility is only available to those who earn up to $90,000 (single), $115,000 (couples) and $135,000 (families) in the Metro area for purchases of up to $480,000 of established properties or building a new home. The caps will be increased for properties settled between 1st July and 31st December 2019.

Region Current Income Limits New Income Limits Property Purchase Price Cap
Metropolitan area $90,000 (Singles) $105,000 (Singles)  
$115,000 (Couples) $130,000 (Couples) $480,000
$135,000 (Families) $155,000 (Families)  

If you’d like to see if you qualify, book an appointment by calling 9304 9682 or email admin@foxmortgages.com.au

 

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