The Department of Housing offers a range of home ownership products through its lending provider, Keystart Home Loans. Keystart is an initiative of the State Government to assist Western Australians into affordable housing.
These loan products help eligible people, on low to moderate incomes, to buy their own homes through low deposit loans and shared equity schemes. Specific loan assistance is available for public housing tenants, sole parents, people living with a disability and Aboriginal borrowers.
Specifically, the following loans are offered:
- Keystart's Standard Home Loan - a general low deposit loan for all eligible Western Australians
- SharedStart Scheme Loan - assists eligible home buyers to purchase a home on a shared equity basis with the Department of Housing
- Keystart's GoodStart Home Loan - enables eligible Department of Housing tenants to buy an available Department of Housing home or a property on the open market
- Keystart's Access Home Loan - for people with permanent disabilities and dependants with disabilities, including a shared ownership arrangement (additional qualifying conditions apply)
- Keystart's Aboriginal Home Ownership Scheme - for Aboriginal and Torres Strait Islander people, including a shared ownership arrangement
- Keystart's Sole Parent Loan - to assist sole parents retain their current home, including a shared ownership arrangement
- Keystart's Perpetual Shared Equity Scheme - to assist key workers in specified industries to reside within 10kms of the Perth CBD. A key worker includes an emergency service provider, child protection officer, social worker, community not-for-profit worker or a service provider in health, education, law and order, or transport. To view full details visit www.sharedequityproperties.com.au.
Specific information on eligibility requirements and the products available through Keystart can be obtained by contacting Keystart on 1300 720 855 or visiting their website www.keystart.com.au
What is shared ownership?
To assist further with affordability, some loans include a shared ownership arrangement.
This means that the home buyer purchases a property with the Department of Housing, so there are two owners.
The objective of this arrangement is to minimise overall costs for the buyer. For example, the Department may purchase 20 per cent of the property, which means the home buyer is only responsible for total repayments on 80 per cent of the property.