The Urban Development Institute of Australia (UDIA WA) has welcomed this morning’s announcement by the Premier and Minister for Housing that Keystart home loans are now available for properties worth up to $560,000.
According to UDIA WA, the new property limits are sensible, given the current cost of housing.
“UDIA WA has been advocating for changes to the price limits to offer homebuyers more choice and better access to low deposit loans in order to get their foot in the home ownership door,” UDIA WA CEO Tanya Steinbeck said.
“We appreciate that the State Government has listened to industry and listened to consumers and made these changes accordingly,” Ms Steinbeck said.
“In the context of little to no rental supply in Perth and the regions, it is more important than ever that we give those that need it, a helping hand into housing security,” Ms Steinbeck said.
“We are in a situation where critically low rental shortages are pushing up rents and making it even harder for potential home buyers to save for a home loan deposit with a standard lender,” Ms Steinbeck said.
“Getting more people out of the rental trap and into homeownership via a Keystart loan is a win – win situation,” Ms Steinbeck said. “It gets those that are seeking ownership onto the property ladder sooner and it frees up rental properties for those that need them,” Ms Steinbeck said.
“Keystart is such an important mechanism to assist potential home buyers into home ownership faster and we should be proud here in WA that we have such an effective program that continues to support housing choice,” Ms Steinbeck said.
“We are currently seeing that the average price of a house is around $540,000 in broader Perth and values are much higher in inner and middle ring suburbs,” Ms Steinbeck said.
“If we are serious about offering people housing choice and getting more people to live in established areas, they need to be able to access these types of loans,” Ms Steinbeck said.
“Today’s changes in conjunction with previously implemented measures such as the Urban Connect Home Loan, specifically aimed at purchasing in infill areas, are a step in the right direction,” Ms Steinbeck said.
“I congratulate the McGowan Government for remaining responsive to market conditions and reviewing eligibility requirements to better reflect current house prices,” Ms Steinbeck said. “We know that for many young people today, the housing dream is getting further and further out of reach.”
“This is about working together to make that dream a reality for more people.”
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Contact:
Gemma Osiejak
Executive Manager Communications & Marketing
P: 0421 506 819
E: gosiejak@udiawa.com.au