Keystart Home Loans – WA Government’s Shared Ownership Home Loan

What are the Keystart Shared Ownership Home Loan eligibility requirements?

Individuals or couples applying for the Shared Ownership Home Loan must meet the following employment and salary criteria:

• You you must earn less $123,000 per annum or less to be eligible for the loan. If you are in a couple, you must earn $189,000 or less.
• You must be employed and be able to show a stable income or regular employment for at least six months. 

What percentage of my property could I own with a Keystart Shared Ownership Home Loan?

The percentage you own of the property will be determined by your financial situation. The Housing Authority cannot be bought out if it is a fixed loan, so will retain its stake and buy your share back if the property is sold in the future.

Benefits of the Keystart Shared Ownership Home Loan?

Central to the benefits of the loan is the ability to get on the property ladder sooner, all thanks to a range of incentives to minimise cost outlays early on.

Co-ownership

Under the Keystart Shared Ownership Home Loan arrangement, the Housing Authority acts a silent partner who co-owns part of your home, helping you get on the ladder quicker. The Housing Authority will fund up to 30% of the purchase of a home, with your loan amount based on your share.

Low entry costs

The 2% deposit means it might not take as long to save what you need to buy. 

Low monthly repayments

Low repayments are a key feature of the Keystart Shared Ownership Home Loan. This is because the monthly repayments are only based on the percentage share of the property you own.

Using the FHOG

If you are buying a home with a Shared Ownership Home Loan, you can also use the First Home Owners Grant to save a further $10,000 on costs.

Who is the Keystart Shared Ownership Home Loan backed by?

The loan is backed and administered by the Western Australian Government.

Do other states offer the Keystart Shared Ownership Home Loan?

No, the initiative is only open to individuals and couples purchasing property in Western Australia. However, prospective home owners in all states and territories may be eligible for the First Home Guarantee - a government incentive that allows first home buyers to purchase their first home with a deposit as low as 5% without LMI.