Keystart increase maximum income limits for low deposit home loans

Keystart increase income limits

Great news for first and subsequent homebuyers! In support of the State Government’s policy to assist more Western Australians into home ownership, Keystart have increased the maximum income limits for their Low Deposit Home Loan. There is a $15,000 increase in the limit for singles and couples and a $20,000 increase for families. The changes take effect from 1 July 2019 through to 31 December 2019.

What does this mean for me?

It means that if you are interested in a Keystart Low Deposit Home Loan, you can start looking now. Keystart started to accept loan applications with the increased income limits from 1 May 2019, the requirement is that the contract of sale must settle between 1 July 2019 and 31 December 2019. As of January 1 2020, the income limits will then revert to the previous levels.

It is worth taking note that the new income limits vary between regions in Western Australia. The below table gives you a clear snapshot of both the current limit, increased limit and the property purchase price cap in each region. 1st Homebuyers, you can use the first homeowners grant (FHOG) in conjunction with your Keystart Loan that will require a deposit as low as 2%.

Region Current Income Limits New Income Limits Property Purchase Price Cap
Metropolitan Area $90,000 (Singles) $105,000 (Singles) $480,000
$115,000 (Couples) $130,000 (Couples)
$135,000 (Families) $155,000 (Families)
Regional Areas $110,000 (Singles) $125,000 (Singles) $500,000
(exc. Kimberley & $135,000 (Couples) $150,000 (Couples)
Pilbara) $135,000 (Families) $155,000 (Families)
Kimberley $120,000 (Singles) $135,000 (Singles) $650,000
$150,000 (Couples) $165,000 (Couples)
$150,000 (Families) $170,000 (Families)
Pilbara $150,000 (Singles) $165,000 (Singles) $650,000
$180,000 (Couples) $195,000 (Couples)
$180,000 (Families) $200,000 (Families)

Launch Finance are here to help you on your journey to home ownership and can present you with several solutions to meet your financial goals. Start with a complimentary strategy session to review your finances and set you on your path to home loan success (08) 9367 4222[email protected]