Changes to Keystart make home ownership more accessible

REIWA CEO Cath Hart has commended the State Government’s decision to expand Keystart’s Urban Connect Home Loan program to include one-bedroom apartments. 

“Keystart plays a valuable role in helping people achieve home ownership through its range of low-deposit loans, which also don’t require Lenders Mortgage Insurance,” Ms Hart said. 

“Increasing the options available will make buying a home accessible to more people.  

“The initiatives, which were announced as part of the 2023-24 Budget, are focused on apartments and will also help increase housing supply and diversity.” 

Keystart’s Urban Connect Home Loan program targets medium and high-density living in urban locations and close to rail transport hubs, with a price cap of $650,000. 

With one-bedroom apartment purchases now eligible for a low-deposit loan with Keystart, potential home owners more choice in where they live and what they can buy. 

Funding for off-the-plan apartment deposits will also be introduced.  

“This support for off-the-plan purchases is complemented by the changes to the off-the-plan transfer duty concession, which sees buyers receive a 100 per cent concession on purchases up to $650,000,” Ms Hart said.  

“This is a significant saving for buyers and will encourage off-the plan purchases, supporting development of these projects. This will increase housing diversity and supply, and provide more opportunities for people to buy a home and get their foot on the property ladder.”