Keystart Home Loans tightens home loan application criteria to WA first home buyers

May 01, 2015
Daniel Eigenmann

Keystart Home Loans has announced that new lower maximum income limits will apply from May 1st, 2015.

This is a game-changing announcement for First Home Buyers in Western Australia.

Keystart is a State Government owned scheme primarily aimed at assisting first home buyers on moderate incomes into owner occupied housing.

Following a review of their current eligibility criteria, effective 5pm 1st May 2015, Keystart made the surprising decision to reduce the maximum income limits for its standard loan product in the metropolitan area. Effectively, making it harder to qualify for a Keystart Home Loan.

New (lower) Income Limits 

Here are the new (lower) income limits that will apply from 5pm 1st May 2015:

Household Type              Current Limit                     New Limit

  Singles:                              $95,000                          $75,000

  Couples:                                           $115,000                          $95,000

  Families:                           $135,000                        $115,000


New (lower) Purchase Price Limits

Further, in light of  recent falls in property prices in the Pilbara and Kimberley, new purchase price caps will apply from 5pm 1st May 2015 as follows:

Region:              Current purchase price         New Purchase Price

  Pilbara:                      $850,000                               $700,000

  Kimberley:                  $700,000                               $600,000


However, maximum purchase prices of $480,000 and $500,000 for Perth Metro Areas and Regional Areas (excluding the Kimberleys & Pilbara) respectively are kept unchanged.

Benefits of a Keystart Mortgage

If you're eligible for a Keystart Home Loan you will benefit from the following:

  • Lower minimum deposit (as low as 2%) - normally 5%
  • No Lenders Mortgage Insurance (LMI) - can save you many thousands of dollars

Do you qualify for a Keystart Home Loan

Keystart loans can be the best solution for you to enter the property market - but only for the right borrower.

Depending on your personal circumstances you may have access to better, more suitable, and in some cases cheaper options.

Contact Daniel Eigenmann at Mortgage Choice Subiaco Perth to find out if you qualify for a Keystart Home Loan. Call (08) 6355 6834 or 0412 022 110, or email Daniel on

Having access to hundreds of home loans from up to 28 different lenders (large and small), Daniel will be able to provide you with a number of options for you to consider.

That way you can make an informed decision based on facts.



If you want to find out if you could benefit from switching home loans (i.e. refinance) - take advantage of our Free 15-minute Home Loan Health Check service...


Mortgage Choice Subiaco, Perth - 2/33 Rokeby Road, Subiaco WA 6008 - Tel: (08) 6355 6834 - Mobile: 0412 022 110 - Email:

Posted in: First home buyers

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