Keystart Home Loan Product Guide Dated February 2013

Keystart Home Loan Product Guide Dated February 2013 Keystart Loans Ltd ABN 27 009 427 034 Australian Credit Licence 381437 1

Contents About this booklet 3 Keystart Home Loan 4 SharedStart Home Loan 6 Aboriginal Home Loan 7 Disability Home Loan 10 GoodStart Home Loan 13 Sole Parent Home Loan 16 Country Home Loan 19 Where to get more information 21 2

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 www.keystart.com.au. If you have any questions about your home loan or need further assistance, please contact us on 1300KSTART (1300 578 278). 3

Keystart Home Loan Under this scheme, a low deposit home loan is available to help West Australians finance an affordable home where other 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 Property Purchase Price Caps Metro Area $90,000 (Singles) $450,000 Regional Areas (excluding Kimberley & Pilbara) $110,000 (Couples) $130,000 (Families) $110,000 (Singles) $500,000 $130,000 (Couples) $130,000 (Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples) $150,000 (Families) Pilbara $150,000 (Singles) $850,000 Deposit and Savings Requirements $180,000 (Couples) $180,000 (Families) The amount you buy your home for The deposit required Genuine savings required Up to $450,000 2% deposit 1% $450,001 - $500,000 5% deposit 1% $500,001 - $600,000 7% deposit 2% $600,001 - $700,000 8% deposit 3% $700,001 - $800,000 9% deposit 4% $800,001 - $850,000 10% deposit 5% 4

Other Features and Conditions Term of loan Maximum other debts Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners grant 30 years My existing monthly debt repayments are less than 10% of my gross income 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 buyer, the grant can be used towards the deposit and fees 5

SharedStart Home Loan SharedStart is a shared ownership scheme available for first and subsequent homebuyers 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 Maximum qualifying income 30 years Singles $70,000 Couples/Families $90,000 Above the 26th Parallel $110,000 Maximum other debts Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners grant As determined by Department of Housing (above 26th parallel - applicants must work, purchase and live in these locations) Up to 30% (as determined by Keystart and/or Dept. of Housing) My existing monthly debt repayments are less than 10% of my gross income To purchase additional Department of Housing shares N/A 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 buyer, the grant can be used towards the deposit and fees. 6

Aboriginal Home Loan The scheme was established in 1995 and is designed to educate, support and provide an opportunity for Aboriginal and Torres Strait Islanders to help them buy an affordable home. 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 Maximum property value 30 years 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 Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners grant My existing monthly debt repayments are less than 10% of my gross income 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 buyer, the grant can be used towards the deposit and fees. 7

Eligibility Criteria Full Ownership (Purchase outright without Department of Housing Equity Share) Income and Property Purchase Price Limits Purchasing Income limit Property Purchase Price Caps Metro Area $120,000 (Singles) $450,000 Regional Areas (excluding Kimberley & Pilbara) $120,000 (Couples) $120,000 (Families) $120,000 (Singles) $500,000 $120,000 (Couples) $120,000 (Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples) $150,000 (Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples) $180,000 (Families) Deposit and Savings Requirements The amount you buy your home for The deposit required Genuine savings required Up to $450,000 2% deposit 0% $450,001 - $500,000 2% deposit 0% $500,001 - $600,000 7% deposit 2% $600,001 - $700,000 8% deposit 3% $700,001 - $800,000 9% deposit 4% $800,001 - $850,000 10% deposit 5% 8

Other Features and Conditions Term of loan 30 years Maximum other debts My existing monthly debt repayments are less than 10% of my gross income Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners 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 buyer, the grant can be used towards the deposit and fees. 9

Disability Home Loan The Scheme was established in 1996 to help West Australians with disabilities or who care for a person with disabilities into home ownership. This loan is available to both first home buyers and subsequent home buyers who have specific housing needs. Eligibility Criteria Shared Ownership Deposit 2% Genuine savings 0% Term of Loan Maximum property value 30 years 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 Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners grant My existing monthly debt repayments are less than 10% of my gross income 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 buyer, the grant can be used towards the deposit and fees. 10

Eligibility Criteria Full Ownership (Purchase outright without Department of Housing Equity Share) Income and Property Purchase Price Limits Purchasing Income limit Property Purchase Price Caps Metro Area $120,000 (Singles) $450,000 Regional Areas (excluding Kimberley & Pilbara) $120,000 (Couples) $120,000 (Families) $120,000 (Singles) $500,000 $120,000 (Couples) $120,000 (Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples) $150,000 (Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples) $180,000 (Families) Deposit and Savings Requirements The amount you buy your home for The deposit required Genuine savings required Up to $450,000 2% deposit 0% $450,001 - $500,000 2% deposit 0% $500,001 - $600,000 7% deposit 2% $600,001 - $700,000 8% deposit 3% $700,001 - $800,000 9% deposit 4% $800,001 - $850,000 10% deposit 5% Other Features and Conditions Term of loan 30 years Maximum other debts My existing monthly debt repayments are less than 10% of my gross income Loan increases 11

Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners 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 buyer, the grant can be used towards the deposit and fees. 12

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) Maximum Dept. of Housing equity share $500,000 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 Loan increases 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 Australia 13

Property ownership Tenancy First homeowners grant Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyer, the grant can be used towards the deposit and fees. Eligibility Criteria Full Ownership (Purchase outright without Department of Housing Equity Share) Income and Property Purchase Price Limits Purchasing Income limit Property Purchase Price Caps Metro Area $120,000 (Singles) $450,000 Regional Areas (excluding Kimberley & Pilbara) $120,000 (Couples) $120,000 (Families) $120,000 (Singles) $500,000 $120,000 (Couples) $120,000 (Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples) $150,000 (Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples) $180,000 (Families) Deposit and Savings Requirements The amount you buy your home for The deposit required Genuine savings required Up to $450,000 2% deposit 0% $450,001 - $500,000 2% deposit 0% $500,001 - $600,000 7% deposit 2% $600,001 - $700,000 8% deposit 3% $700,001 - $800,000 9% deposit 4% $800,001 - $850,000 10% deposit 5% 14

Other Features and Conditions Term of loan 30 years Maximum other debts My existing monthly debt repayments are less than 10% of my gross income Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners 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 buyer, the grant can be used towards the deposit and fees. 15

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) Maximum Dept. of Housing equity share $500,000 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 Loan increases 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 Australia 16

Property ownership Tenancy First homeowners grant Must not own or part own another property Must intend to live in the property for the life of the loan For first home buyer, the grant can be used towards the deposit and fees. Eligibility Criteria Full Ownership (Purchase outright without Department of Housing Equity Share) Income and Property Purchase Price Limits Purchasing Income limit Property Purchase Price Caps Metro Area $120,000 (Singles) $450,000 Regional Areas (excluding Kimberley & Pilbara) $120,000 (Couples) $120,000 (Families) $120,000 (Singles) $500,000 $120,000 (Couples) $120,000 (Families) Kimberley $120,000 (Singles) $700,000 $150,000 (Couples) $150,000 (Families) Pilbara $150,000 (Singles) $850,000 $180,000 (Couples) $180,000 (Families) Deposit and Savings Requirements The amount you buy your home for The deposit required Genuine savings required Up to $450,000 2% deposit 0% $450,001 - $500,000 2% deposit 0% $500,001 - $600,000 7% deposit 2% $600,001 - $700,000 8% deposit 3% $700,001 - $800,000 9% deposit 4% $800,001 - $850,000 10% deposit 5% 17

Other Features and Conditions Term of loan 30 years Maximum other debts My existing monthly debt repayments are less than 10% of my gross income Loan increases Repayment frequency Statement frequency Age restriction Residency Property ownership Tenancy First homeowners 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 buyer, the grant can be used towards the deposit and fees. 18

Keystart Country Home Loan Keystart Country provides affordable finance options to farmers and rural business owners throughout regional, rural and remote Western Australia. We can assist farmers obtain finance to purchase a new property, renovate an existing home or build a new home on an existing property. Regional business owners are also able to apply for finance to assist in buying or building a new home for themselves, their dependents or their employees. Farmers and Pastoralists - Eligibility criteria Provide finance for farmers, pastoralists to build, purchase or renovate a home for themselves, their dependents or their staff. Purpose Build, purchase or renovate Deposit/Equity (farming property as security) 20% Deposit/Equity (town-site residential property as security) 10% Genuine savings 0% Term of Loan Maximum property value Maximum loan amount Maximum qualifying income Up to 30 years No limit No limit No limit Owner builders Land loan Acceptable N/A N/A Loan repayments (Principal and interest) Monthly, Quarterly, Half-yearly 19

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 (town-site residential property as security) 10% Genuine savings 0% Term of Loan Maximum property value Maximum loan amount Maximum qualifying income Up to 30 years No limit No limit No limit Owner builders Land loan Acceptable N/A N/A Loan repayments (Principal and interest) Monthly, Quarterly, Half-yearly 20

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 (1300 578278) Website: Email: www.keystart.com.au info@keystart.com.au Fax: 08 9338 3101 Address: 2 Brook Street, East Perth WA 6004 If you haven t already done so, please visit our website and try some our useful online tools such as the Online Qualification Check and the Borrowing Power Calculator. You can also obtain a Key Facts Sheet from our website. Home Loan Key Fact Sheets are a tool designed to give you the information you need to assist you in ensuring you select the right product for you. 21