Keystart Home Loans – WA Government's Urban Connect Home Loan

What are the Keystart Urban Connect Home Loan eligibility requirements?

The Western Australian Government's Urban Connect Home Loan is available for first-time buyers looking to purchase an inner-city Perth apartment.

Designed for owner-occupiers only, first-home buyers must live in their apartment during the life of their Keystart loan, and not rent it out. In other words, the Urban Connect Home Loan isn’t a product for investors.

For anyone considering an off-the-plan apartment purchase, there is also Keystart’s Urban Connect Plus Loan to help them meet the developer deposit requirements.

Individuals or couples applying for the Urban Connect Home Loan should be:

• Over 18 years of age
• Purchasing a home to live in - not an investment property
• An Australian citizen or permanent resident residing in Western Australia

Salary thresholds for first-home buyers looking to access the Urban Connect Home Loan are; $180,000 a year for singles, or $200,000 for couples.

What are the Keystart Urban Connect Home Loan property price limits?

For singles buying an inner-city apartment, their maximum purchase price is $560,000, while for  for couples and families the value cap is $650,000.

Benefits of the Keystart Urban Connect Home Loan?

Keystart's Urban Connect Home Loan targets medium and high-density living in convenient urban locations.

Close to transport

Created with inner city living in mind, the Urban Connect Home Loan is available for purchases in suburbs close to rail transport hubs. A map showing the applicable suburbs is available on the Keystart website.

Low deposit and no LMI

You can get into a home loan with just 2% deposit and don’t need to pay Lender’s Mortgage Insurance.

Who is the Keystart Urban Connect Home Loan backed by?

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

Can the Keystart Urban Connect Home Loan be used in conjunction with other incentives?

Used in conjunction with the Urban Connect Home Loan, the partnering Urban Connect Plus has been specially designed to cover the developer’s deposit for an off-the-plan apartment if a first-home buyer doesn’t have the funds available upfront.

Buyers using the Keystart scheme may also be eligible for the First Home Owner’s Grant, a one-off payment of $10,000 funded by the State Government for the purchase of a new home.

Additionally, if the home is priced under $450,000, WA first-home buyers might also avoid paying stamp duty, or only pay a concessional rate for purchases between $450,001 and $600,000.