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What Is A Keystart Loan?

What Is A Keystart Loan?
October 15, 2019 Sally King

Anything to do with home loans is a bit daunting, which is understandable as there is just so much to consider. Keystart Loans were created to provide an affordable pathway into home ownership, for those who may otherwise not be able to even think about owning their own property. The major difference between a Keystart Loan and a normal home loan is that Keystart Loans have lower entry costs, meaning you can get into a home of your own a lot sooner than you think.

Entry costs are often the biggest reason that people don’t take the plunge to build their own home, the costs associated with taking out a home loan can be extremely unaffordable. Keystart has addressed this issue by creating low deposit loans, that also have no Lender’s Mortgage Insurance. Keystart is a transitional lender, meaning you can refinance with another lender whenever you are ready.

 

The Keystart Home Loan Process Explained;

There are some requirements you will need to meet to be eligible for a Keystart Loan.

● You must be 18 Years or older.

● Be an Australian Citizen or Permanent Resident.

● Be living in Western Australia or are wanting to buy or build here.

● Have an income that is within The Keystart Loans maximum limits.

● Must not own another home or land at the time of settlement of your loan.

● Plan to live in your home for the duration of your loan with Keystart.

● Have enough funds available to cover all costs associated with the purchase, including your deposit, fees and any moving costs.

Once you have ascertained that you are eligible, you can apply for a loan. It only takes 20 – 30 minutes to get pre – approval, so you can start the process of building your own home knowing exactly how much you can afford. There really is no reason to be sceptical of Keystart Loans. Keystart is not a bank, is not profit driven and is not a government agency. Although it is an initiative of the Western Australian government, it is a company in its own right.

When compared to other lenders, Keystart definitely comes out on top. With a minimum deposit from 2%, compared to 5% with other lenders, no lenders mortgage insurance and no monthly account keeping fees, Keystart is the clear winner when it comes to the best value home loans.

While this process sounds daunting at first, your new home specialist can help guide you through this process, including being able to establish your borrowing capacity and any other requirements you may need to meet in order to qualify for a home loan.

So before getting into the housing market, make sure you do your research and take a closer look at Keystart Loans. Our friendly and professional team at Dreamstart Homes are happy to answer any questions you may have about Keystart Loans, we also offer a great range of affordable and quality home designs and house and land packages. Browse the designs on offer on our website, visit our display homes and then contact Dreamstart Homes to start your home building journey today. Get in touch with our friendly team, today!

 

 

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