A new shared equity loan scheme through the State Government’s lending provider Keystart will provide 2,000 affordable home ownership opportunities for West Australians on low to moderate incomes.
Housing Minister Troy Buswell said the SharedStart program would give singles on incomes of less than $70,000 and couples on less than $90,000 (up to $110,000 in the North-West) the opportunity to purchase a range of new properties though the Department of Housing (DoH).
“This is a key initiative coming from the State Government’s Affordable HIHousing Strategy and will allow more low to moderate income-earning West Australians achieve their dream of home ownership,” Mr Buswell said.
“The SharedStart scheme will see Government providing a targeted, entry-level home ownership product offering 2,000 people a first step on the property ladder when they could not normally afford to buy a home of their own.
“SharedStart will provide two joint ownership loan options for eligible applicants, under either a fixed or flexible equity option, with the flexible equity option offering incentives for borrowers to increase their equity to full ownership of the property over time.”
The Minister said SharedStart was linked to the Department of Housing’s recently announced Expressions of Interest (EOI) program and would include recently completed or soon to be completed dwellings as well as off-the-plan opportunities.
“By linking SharedStart with the EOI Program, the Government is able to provide much needed entry level affordable home ownership opportunities while also stimulating activity in the West Australian building industry,” he said.
“The EOI program is focused on delivering new homes that are innovative in design, respond to a changing Western Australian housing market and meet the affordable housing needs of one and two-person households as well as families.
“The Department of Housing has already received an enthusiastic response with more than 80 proposals submitted for projects across the State.
“Through SharedStart and the EOI Program, the Government is working effectively with industry to address housing availability and affordability in WA with the goal of providing at least 20,000 additional affordable homes by 2020.”
Public housing tenants may also have the option to buy their existing DoH properties.
SharedStart properties will initially be available in Northbridge, Mirrabooka, East Perth, Subiaco and Meadow Springs, with future properties being identified through the EOI Program.
Keystart is currently assessing and approving applications for SharedStart. People interested in the SharedStart scheme can check their eligibility and obtain pre-approval by contacting Keystart on 1300KSTART or by emailing email@example.com.
More information on the SharedStart loan can be obtained by visiting http://www.keystart.com.au
Properties offered under the SharedStart scheme can be viewed from Wednesday September 14 through the SharedStart page on the Department of Housing’s website.
Minister's office - 9213 6900