Keystart Home Loan
Product Guide
Dated February 2013
Keystart Loans Ltd
ABN 27 009 427 034
Australian Credit Licence
1 381437
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
$110,000 (Couples)
$130,000 (Families)
Regional Areas (excluding Kimberley &
Pilbara)
$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
$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
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
30 years
Maximum other debts
My existing monthly debt repayments are less
than 10% of my gross income
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
Yes
Redraw
Yes
Repayment frequency
Monthly
Statement frequency
6 monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life
of the loan
First homeowners grant
For first home buyer, 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
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
30 years
Maximum property value
As determined by Department of Housing (above 26th
parallel - applicants must work, purchase and live in
these locations)
Maximum Dept. of Housing equity share
Up to 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
My existing monthly debt repayments are less than
10% of my gross income
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
To purchase additional Department of Housing shares
Redraw
N/A
Repayment frequency
Monthly
Statement frequency
6 Monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the
loan
First homeowners grant
For first home buyer, 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.
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
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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
To purchase additional Department of Housing
shares
Redraw
To purchase additional Department of Housing
shares
Repayment frequency
Monthly
Statement frequency
6 Monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of
the loan
First homeowners grant
For first home buyer, 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.
7
Eligibility Criteria – Full Ownership (Purchase outright without Department of Housing
Equity Share)
Income and Property Purchase Price Limits
Purchasing
Metro Area
Income limit
$120,000 (Singles)
Property Purchase Price Caps
$450,000
$120,000 (Couples)
$120,000 (Families)
Regional Areas (excluding
Kimberley & Pilbara)
$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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
Yes
Redraw
Yes
Repayment frequency
Monthly
Statement frequency
6 monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the loan
First homeowners grant
For first home buyer, 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.
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
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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
To purchase additional Department of Housing
shares
Redraw
To purchase additional Department of Housing
shares
Repayment frequency
Monthly
Statement frequency
6 Monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life
of the loan
First homeowners grant
For first home buyer, 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
Eligibility Criteria – Full Ownership (Purchase outright without Department of Housing
Equity Share)
Income and Property Purchase Price Limits
Purchasing
Income limit
Metro Area
Property Purchase Price Caps
$120,000 (Singles)
$450,000
$120,000 (Couples)
$120,000 (Families)
Regional Areas (excluding
Kimberley & Pilbara)
$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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
Yes
11
Redraw
Yes
Repayment frequency
Monthly
Statement frequency
6 monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the loan
First homeowners grant
For first home buyer, 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.
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)
$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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
To purchase additional Department of Housing shares
Redraw
To purchase additional Department of Housing shares
Repayment frequency
Monthly
Statement frequency
6 Monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
13
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the
loan
First homeowners grant
For first home buyer, 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
Metro Area
Income limit
Property Purchase Price Caps
$120,000 (Singles)
$450,000
$120,000 (Couples)
$120,000 (Families)
Regional Areas (excluding
Kimberley & Pilbara)
$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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
Yes
Redraw
Yes
Repayment frequency
Monthly
Statement frequency
6 monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the loan
First homeowners grant
For first home buyer, 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
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
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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
To purchase additional Department of Housing shares
Redraw
To purchase additional Department of Housing shares
Repayment frequency
Monthly
Statement frequency
6 Monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
16
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the
loan
First homeowners grant
For first home buyer, 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
Metro Area
Income limit
Property Purchase Price Caps
$120,000 (Singles)
$450,000
$120,000 (Couples)
$120,000 (Families)
Regional Areas (excluding
Kimberley & Pilbara)
$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
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Loan increases
Yes
Redraw
Yes
Repayment frequency
Monthly
Statement frequency
6 monthly
Age restriction
18 years or above
Residency
Permanent resident of Western Australia
Property ownership
Must not own or part own another property
Tenancy
Must intend to live in the property for the life of the loan
First homeowners grant
For first home buyer, 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.
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
Up to 30 years
Maximum property value
No limit
Maximum loan amount
No limit
Maximum qualifying income
No limit
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Owner builders
Acceptable
Redraw
N/A
Land loan
N/A
Loan repayments (Principal and interest)
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.
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
Up to 30 years
Maximum property value
No limit
Maximum loan amount
No limit
Maximum qualifying income
No limit
Interest rate
Variable (View website for current rate)
Lenders mortgage insurance
Not required
Loan keeping fees
$0
Additional repayments
Yes
Owner builders
Acceptable
Redraw
N/A
Land loan
N/A
Loan repayments (Principal and interest)
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.
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:
www.keystart.com.au
Email:
[email protected]
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