Keystart Home Loans Product Guide

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1 Keystart Home Loans Product Guide September 2013 Keystart Loans Ltd ABN Australian Credit Licence

2 Contents About this booklet 3 Keystart home loan 4 SharedStart home loan 6 Aboriginal home loan 8 ACCESS home loan 11 Goodstart home loan 14 Sole Parent home loan 16 Country home loan 17 Where to get more information 19 2

3 About this booklet Keystart has helped over 80,000 West Australians with their home ownership dream. Borrowing money to fund a home loan is a big decision and one that you need to make based on having the right information. This booklet contains information to help you make an informed decision about the home loan product(s) that best suit your needs. The information in this booklet can be used to compare Keystart loan products with other financial products that you may be considering. You will find details of all Keystart s range of loan products in this booklet or alternatively, visit our website If you have any questions about your home loan and/or need further assistance, please contact us on 1300KSTART ( ). 3

4 Keystart Home Loan Under this scheme, a low deposit home loan is available to help West Australians finance an affordable home where other home loan lenders cannot provide assistance. Keystart home loan is only available for owner occupiers, who can then buy or build a home anywhere in Western Australia. This loan is available to both first home buyers and subsequent home buyers. Eligibility criteria Income and Property Purchase Price Limits Purchasing Income limit p.a. Property Purchase Price Caps Metro Area $90,000 (Singles) $470,000 $130,000 (Couples / Families) Regional Areas (excluding Kimberley & Pilbara) $110,000 (Singles) $500,000 $130,000 (Couples / Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples / Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples / Families) Deposit and savings requirements The amount you buy your home for The deposit required Genuine savings required Up to $470,000 2% 1% $470,001 $500,000 5% 1% 4

5 $500,001 $600,000 7% 2% $600,001 $700,000 8% 3% $700,001 $800,000 9% 4% $800,001 $850,000 10% 5% Other features and conditions Term of loan Maximum other debts Lenders mortgage insurance 30 years My existing monthly debt repayments are less than 10% of my gross income Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant Monthly 6 monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. 5

6 SharedStart Home Loan SharedStart is a shared ownership scheme available for first and subsequent home buyers with the Department of Housing. Under this scheme, properties are only available from the Department of Housing and include newly built homes and off the plan properties in a variety of areas around Western Australia. Eligibility criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan Maximum property value Maximum Dept. of Housing equity share 30 years As determined by Department of Housing (above 26th parallel applicants must work, purchase and live in these locations) Up to a maximum of 30% (as determined by Keystart and/or Dept. of Housing) Maximum qualifying income Singles $70,000 Couples/Families $90,000 Above the 26th Parallel $110,000 Maximum other debts Lenders mortgage insurance My existing monthly debt repayments are less than 10% of my gross income Loan increases Redraw Repayment frequency To purchase additional Department of Housing shares N/A Monthly 6

7 Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant 6 Monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Aboriginal Home Loan The scheme was established in 1995 and designed to provide an opportunity for Aboriginal and Torres Strait Islanders enter into affordable home ownership. This loan is available to both first home buyers and subsequent home buyers. Eligibility criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan 30 years Maximum property value Metro and Country $412,000 Northwest remote (Kimberley region and north of 26th parallel) $500,000 Maximum Dept. of Housing equity share Up to 40% or a maximum of $150,000 Maximum qualifying income Singles $60,000 Couples $70,000 7

8 Families $80,000 Maximum other debts Lenders mortgage insurance Existing monthly debt repayments are less than 10% of gross income Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant To purchase additional Department of Housing shares To purchase additional Department of Housing shares Monthly 6 Monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. 8

9 Eligibility criteria Full Ownership (purchase outright without Department of Housing equity share) Income and Property Purchase Price Limits Purchasing Income limit p.a. Property Purchase Price Caps Metro Area $120,000 (Singles) $470,000 $130,000 (Couples / Families) Regional Areas (excluding Kimberley & Pilbara) $120,000 (Singles) $500,000 $130,000 (Couples / Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples / Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples / Families) Deposit and savings requirements The amount you buy your home for The deposit required Genuine savings required Up to $470,000 2% Nil $470,001 $500,000 2% Nil $500,001 $600,000 7% 2% $600,001 $700,000 8% 3% $700,001 $800,000 9% 4% $800,001 $850,000 10% 5% 9

10 Other features and conditions Term of loan Maximum other debts Lenders mortgage insurance 30 years Existing monthly debt repayments are less than 10% of gross income Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant Monthly 6 monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. 10

11 ACCESS Home Loan The Scheme was established in 1996 to help West Australians with a permanent disability or who have dependants with a permanent disability into home ownership. This loan is available to both first home buyers and subsequent home buyers. Eligibility criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan 30 years Maximum property value Metro and Country $412,000 Northwest remote (Kimberley region and north of 26th parallel) $500,000 Maximum Dept. of Housing equity share Up to 40% or a maximum of $150,000 Maximum qualifying income Singles $60,000 Couples $70,000 Families $80,000 Maximum other debts Lenders mortgage insurance Existing monthly debt repayments are less than 10% of gross income Loan increases Redraw Repayment frequency To purchase additional Department of Housing shares To purchase additional Department of Housing shares Monthly 11

12 Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant 6 Monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Eligibility criteria Full Ownership (purchase outright without Department of Housing equity share) Income and Property Purchase Price Limits Purchasing Income limit p.a. Property Purchase Price Caps Metro Area $120,000 (Singles) $470,000 $130,000 (Couples / Families) Regional Areas (excluding Kimberley & Pilbara) $120,000 (Singles) $500,000 $130,000 (Couples / Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples / Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples / Families) 12

13 Deposit and savings requirements The amount you buy your home for The deposit required Genuine savings required Up to $470,000 2% Nil $470,001 $500,000 2% Nil $500,001 $600,000 7% 2% $600,001 $700,000 8% 3% $700,001 $800,000 9% 4% $800,001 $850,000 10% 5% Other features and conditions Term of loan Maximum other debts Lenders mortgage insurance 30 years My existing monthly debt repayments are less than 10% of my gross income Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency Property ownership Monthly 6 monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property 13

14 Tenancy First home owner grant Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Goodstart Home Loan The GoodStart Scheme was established in 1997 to assist Department of Housing tenants transition from a public rental home to home ownership. This loan is available to both first home buyers and subsequent home buyers. Eligibility criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan 30 years Maximum property value Metro and Country $412,000 Northwest remote (Kimberley region and north of 26th parallel) $500,000 Maximum Dept. of Housing equity share Up to 40% or a maximum of $150,000 Maximum qualifying income Singles $60,000 Couples $70,000 Families $80,000 Maximum other debts My existing monthly debt repayments are less than 10% of my gross income 14

15 Lenders mortgage insurance Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First home owner grant To purchase additional Department of Housing shares To purchase additional Department of Housing shares Monthly 6 Monthly 18 years or above Permanent resident of Western Australia Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyers, the grant can be used towards the deposit and fees. Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. 15

16 Sole Parent Home Loan This loan is designed to assist sole parents to retain their family home following a relationship breakdown or bereavement. This loan is available to subsequent home buyers only. Eligibility criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan 30 years Maximum property value Metro and Country $412,000 Northwest remote (Kimberley region and north of 26th parallel) $500,000 Maximum Dept. of Housing equity share Up to 40% or a maximum of $150,000 Maximum qualifying income $80,000 Maximum other debts Lenders mortgage insurance Existing monthly debt repayments are less than 10% of gross income Loan increases Redraw Repayment frequency Statement frequency Age restriction Residency To purchase additional Department of Housing shares To purchase additional Department of Housing shares Monthly 6 Monthly 18 years or above Permanent resident of Western 16

17 Australia Tenancy Must intend to live in the property for the life of the loan Keystart Terms and Conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Country Home Loan The Country Housing Authority provides housing finance options to farmers, pastoralists and rural business owners where finance options are limited. Finance is available to purchase a new property, renovate an existing home, build a new home on an existing property, for renewable energy systems and siteworks. Finance is also available to rural business owners to assist in buying or building a new home for themselves, their dependants or their employees. Farmers and Pastoralists Eligibility criteria Provide finance for farmers, pastoralists to build, purchase or renovate a home for themselves, their dependants or their staff. Purpose Build, purchase or renovate Deposit/Equity (farming property as security) 20% Deposit/Equity (townsite residential property as security) 10% Genuine savings 0% Term of Loan Maximum property value Maximum loan amount Maximum qualifying income Lenders mortgage insurance Up to 30 years No limit No limit No limit Owner builders Acceptable 17

18 Redraw Land loan Loan repayments (Principal and interest) N/A N/A Monthly, Quarterly, Half yearly Keystart terms and conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Rural Small Business Owners Eligibility criteria Provide finance for rural small business owners to build or purchase a home for themselves, their dependents or their staff. Purpose Build or purchase only Deposit/Equity (farming property as security) 20% Deposit/Equity (townsite residential property as security) 10% Genuine savings 0% Term of Loan Maximum property value Maximum loan amount Maximum qualifying income Lenders mortgage insurance Up to 30 years No limit No limit No limit Owner builders Redraw Land loan Loan repayments (Principal and interest) Acceptable N/A N/A Monthly, Quarterly, Half yearly 18

19 Keystart terms and conditions, fees and charges and normal lending criteria apply. Rates and limits stated are subject to change without notice. Where to get more information If you have any questions about your home loan and/or need further assistance, please do not hesitate to contact us: Telephone: 1300KSTART ( ) Website: Fax: Address: 2 Brook Street, East Perth WA /02 19

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