- Suite of Keystart products to launch delivering on WA Labor election commitments
- Low deposit modular loans to assist more regional Western Australians into home ownership
- New $210 million Shared Equity Scheme to open later this year
- $75 million Build to Rent Kickstart Fund to launch before end of 2025
- Other products to be released later this year include loans for new graduates and apprentices
- Funding for all initiatives allocated in upcoming State Budget
- Keystart to become a Government Trading Enterprise delivering greater control and new powers
Housing will be more affordable for thousands of Western Australians, with the Cook Labor Government today announcing a major funding boost in the upcoming State Budget for a suite of 2025 election commitments.
From today, Keystart will launch a new low deposit modular loan product to assist more people, particularly in regional WA, to purchase a modular home.
Modular construction is a popular choice in regional WA where access to trades and the cost of a traditional build can make housing inaccessible.
Delivery of modular homes is also increasing in the metropolitan area driven by good design and speed to market.
Low deposit modular loans will improve access to affordable homes that can be delivered faster.
The product will also provide additional progress payments to support builders’ cashflow and to grow the industry.
In September, Keystart is expected to launch its new shared equity product for new or under construction apartments, townhouses or other multi-residential dwellings.
Under the $210 million investment, 1,000 shared equity loans will be available with the State Government purchasing an equity share of up to 35 per cent of the home’s value, or a maximum of $250,000.
The product will make it easier for lower and middle income households to enter home ownership by lowering both the upfront purchase cost and ongoing mortgage repayments, while supporting more affordable multi-residential projects to get off the ground sooner.
A new pilot product for graduates and apprentices will also launch later this year with features including low deposits, lower mortgage repayments and free financial coaching that will enable younger Western Australians to get into the housing market sooner and transition their loan to a commercial lender over time.
The Cook Government’s Build to Rent Kickstart Fund will launch by the end of 2025 providing up to $75 million in no interest construction loans and low interest loans for up to 10 years to assist in the delivery of affordable build to rent developments.
These new products are part of the State Government’s revitalisation of Keystart, supported by the new Keystart Act 2024.
The Act sees Keystart become a Government Trading Enterprise providing even greater ability to deliver products that meet the needs of Western Australians and deliver on government’s priorities, with new powers including project financing for affordable housing projects.
The government also announced today a range of new appointments to the Keystart Board.
From 1 July, Michael Barnes, former Under Treasurer, will become chair of Keystart, with new board members including Sue Ellery, former Commerce and Finance Minister, and Kerryn Edwards, who brings significant experience in the community housing sector, regional housing and shared equity programs.
Paige Walker will also join the board from 1 January 2026, with extensive experience in property development, including as former WA president of the Property Council.
The new board members will join existing members, Rob McKenzie and Julie Keene, who bring a wealth of experience and ensure continuity of the board.
As stated by Premier Roger Cook:
“Western Australia’s booming economy and growing population has put pressure on our housing market, which is why my government is laser focused on ensuring every Western Australian has a home.
“That means supporting Keystart, a uniquely WA agency that was created by a WA Labor Government and has helped Western Australians into home ownership for decades.
“This investment is one of a wide range of levers my government is utilising to boost housing supply and improve access to affordable homes for more Western Australians.
“We are getting to work on delivering on our election commitments, delivering new loan products to support a range of homes – whether they be modular builds, townhouses, or apartments.
“It’s all part of our Budget, which is focused on delivering houses, hospitals and jobs so that we can maintain WA’s nation-leading economy and secure a future that’s Made in WA.”
As stated by Treasurer Rita Saffioti:
“Our changes to Keystart bolster our ability to deliver on the Cook Government’s objective to boost housing supply and improve access to affordable housing.
“It is pleasing to see the Commonwealth stepping into the space with additional support for first home buyers and the Help to Buy shared equity scheme.
“Our new products for Keystart will seek to complement these policies.
“We want to see Keystart helping more Western Australians right around the State achieving home ownership whether that’s more modular homes in regional WA or getting affordable apartments and other multi-residential developments off the ground sooner.”
As stated by Housing and Works Minister John Carey:
“We continue to make changes to Keystart that improve its power to help more Western Australians, whether that’s through raising income and property prices limits, lowering interest rates or offering new products.
“These latest reforms demonstrate how our State Government continues to change and adapt policies to enable more Western Australians to purchase their first home.”
