Western Australians seeking to purchase apartments in urban areas will be offered a new loan option from this week, with the McGowan Government announcing the launch of Keystart’s Urban Connect Home Loan.
The new loan product can be used to purchase apartments in medium and high-density developments with two or more bedrooms, close to transport hubs and in urban locations.
The loans are designed to support the McGowan Government’s infill priority announced in the 2022-23 State Budget and make property ownership easier for Western Australians.
Other initiatives to support more housing across WA and further incentives for urban infill include:
- 50 per cent land tax concession for new build-to-rent projects commencing July 1, 2023;
- stamp duty rebate of up to 100 per cent for eligible off-the-plan apartment purchases;
- planning reforms to include density bonus for private projects which includes five per cent social housing; and
- new and updated Keystart loan products helping more Western Australians access housing finance.
Loans will be available for off-the-plan, new and established apartments with a minimum of two bedrooms in a complex of two storeys or more, under the two-year pilot capped at 300 loans.
Income and property purchase limits for the Urban Connect Home Loan are a sole income of $180,000 for singles with a property purchase limit of up to $550,000, and combined income of $200,000 for couples and families with a property purchase limit of up to $650,000.
Keystart has supported more than 121,000 Western Australians in achieving the dream of home ownership since its inception 33 years ago.
Keystart will start accepting Urban Connect Home Loan applications from July 25, 2022.
More information is available at https://www.keystart.com.au
As stated by Premier Mark McGowan:
“My Government continues to deliver reforms and initiatives that support more affordable housing to get people into homes while ensuring there are further incentives for urban infill.
“The WA economy continues to outperform the rest of the country and it’s initiatives like these that support the significant pipeline of work into the future, keeping people in jobs and attracting more people to WA.
“We have a big focus on keeping cost of living pressures off WA families and that’s why we continue to support communities and households through measures such as our $400 Household Electricity Credit, provision of free Rapid Antigen Tests and capped public transport fares to the cost of two zones only.”
As stated by Housing Minister John Carey:
“As part of the McGowan Government’s 2022-23 State Budget, we have delivered a new product, Keystart’s Urban Connect Home Loan, to support medium and high-density living.
“This is about creating and delivering more affordable housing options for Western Australians near key public transport locations and amenities.
“We’re also delivering range of tax reforms and incentives to boost housing and land supply, encourage urban infill and improving housing affordability across the State.
“This Government continues to work proactively with industry to cut red tape and deliver reforms, assisting many more Western Australians get into the housing market.”
As stated by Planning Minister Rita Saffioti:
“The Urban Connect Home Loan is about delivering greater housing diversity in urban infill areas, particularly around our key transport corridors.
“We want to see thriving communities close to our key public transport hubs and this new home loan will help drive that.
“By having higher property price and income limits, we’re ensuring more people can access medium and high-density homes in locations close to public transport, including our METRONET precincts.”
