Increased income limits for homebuyers taking out Keystart loans have been extended until 30 June, 2021 as part of the housing stimulus package aimed at protecting and supporting jobs in the residential construction sector and to encourage homebuyers.
According to the Chief Executive of Keystart, Paul Graham the move also promotes the availability of a home renovation loan for existing Keystart customers.
Mr Graham said that in July 2019, as part of a policy to help more Western Australians achieve home ownership, Keystart increased maximum income limits for applicants eligible for its low deposit home loans.
He said the new income limits rose by $15,000 for singles and couples, and $20,000 for families, and depending on their metropolitan or regional location, applied to homes valued up to $650,000.
“The new eligibility arrangements were due to revert on 1 July, but will now continue for at least 12 months,” Mr Graham said.
“In addition, existing Keystart customers can now access home renovation loans from $1,000 up to $100,000 to undertake property improvements and renovations.”
He said the promotion of the existing loan increase, now known as a renovation loan, was designed to create opportunities for eligible Keystart customers to undertake home improvement projects and invest in their property, while supporting the local housing and construction industry.
Minister for Housing, Peter Tinley said the home renovation loan campaign could see up to $12.4 million injected into the State’s economy through products and construction services.
“We recognise that renovating and home-improvement can have the win-win effect of adding value for property-owners while also providing work for trades and businesses and supporting the economy,” Mr Tinley said.
