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Expanded property price and income limits have been introduced by Western Australian government-owned home lender Keystart.
Keystart – a government-backed lender focused on low deposit home loans for Western Australians – has announced changes to its property price and income limits for both its Low Deposit and Shared Ownership Home Loans.
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The changes, which came into effect from 19 December 2024, see property and income limits expanded to “ensure they remain appropriate to the conditions of the market”.
It comes following strong property price growth in Western Australia over the past year. The property price limits will be aligned with annual median house price data from REIWA, while income limits will adjust to reflect the income needed to service those property prices.
As such, moving forward, the following limits apply:
Low Deposit Home Loan
Metro and regional (excluding the Kimberley and Pilbara)
Property price limit: $730,000 (previously $650,000)
Income limits: Single: $148,000 (previously $137,000) and couples/families: $218,000 (previously $206,000)
Kimberley and Pilbara
Property price limit: $750,000 (previously $650,000 for the Kimberley, $750,00 for Pilbara)
Income limits:
The Kimberley: Single: $225,000 (previously $135,000) and couples and families: $285,000 (previously $165,00 for couples and $170,000 for families)
Pilbara: Single: $225,000 (previously $165,000) and couples and families: $285,000 (previously $195,00 for couples and $200,000 for families)
Shared Ownership Home Loan
Metro and regional (excluding the Kimberley and Pilbara)
Property price limit: $615,000 (previously $535,000)
Income limits: Single: $123,000 (previously $113,000) and couples/families: $189,000 (previously $174,000)
Kimberley and Pilbara
Property price limit: $615,000 (previously $500,000)
Income limits: Single: $123,000 (previously $110,000) and couples/families: $189,000 (previously $110,000)
The changes apply across Western Australia, with tailored updates for the Kimberley and Pilbara regions to address their unique property market conditions and higher living costs.
Western Australian Premier Roger Cook said: “My government is throwing everything at getting more Western Australians into a home – including helping more achieve their home-ownership goals.
“Keystart plays an important role in the WA housing market and is unique as a transitional lender in its commitment to providing more opportunities for people to become homeowners.
“As we continue to respond to market conditions, we’ve adjusted Keystart’s product settings to align with the most recent REIWA data, which will enable more Western Australians to enter the housing ownership market.
“This builds on my Government’s nation-leading housing plan to continue boosting supply, choice and affordability, and always do what’s right for WA.”
Western Australian Housing Minister, John Carey, said: “Since Keystart was established under a WA Labor Government in 1989, Keystart has assisted more than 122,000 Western Australians reach their home ownership goals.
“We’re acutely aware of the housing market across the country – and we are continuing to deliver major investments through our now record investment in housing and homelessness measures of almost $4 billion.
“Keystart is a crucial and unique lender, providing the opportunity the major banks do not with low-deposit homes loans, providing more Western Australians the chance to achieve home ownership while supporting them transition to another lender.”
Keystart CEO Mark Tomasz highlighted the importance of regularly reviewing these settings to respond to market dynamics and said they came after the lender had already adjusted limits in July 2024.
“By regularly reviewing the settings, we are ensuring that Keystart’s products adapt to the changing dynamics of the property market, further supporting our vision of making affordable homeownership a reality for more people,” he said.
“Keystart is committed to adapting and evolving our product offerings to meet these challenges, ensuring that more Western Australians have the opportunity to secure a home of their own.”
[Related: Keystart launches low-deposit apartment home loan]
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