Low-deposit loan program will now include one-bedroom apartments
The head of the Real Estate Institute of Western Australia has lauded 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 homeownership through its range of low-deposit loans, which also don’t require lenders mortgage insurance,” said REIWA CEO Cath Hart. “Increasing the options available makes 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 program is aimed at medium- and high-density housing in urban locations and close to rail transport hubs, with a price cap of $650,000.
The addition of one-bedroom apartments to the plan gives potential homeowners more choice about what to buy, REIWA said.
The program will also introduce funding for off-the-plan apartment deposits.
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“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% concession on purchases up to $650,000,” 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.”
Hart recently said that WA’s housing market has shown “remarkable resilience” amid repeated interest rate hikes, but warned that the state’s rental crisis showed no signs of slowing.
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