REIWA CEO Cath Hart has welcomed the recent increases to Keystart’s property price and income limits, noting they would help more Western Australians into home ownership sooner.
“Keystart provides a valuable service. It offers loans with as little as 2 per cent deposit and doesn’t charge Lender’s Mortgage Insurance, which is of great benefit to Western Australians who find it difficult to get a loan with a traditional lender,” Ms Hart said.
“However, the WA property market is experiencing strong price growth, and it is important Keystart’s limits move to reflect market conditions.
“The changes announced today will help ensure Keystart’s loans are available to more Western Australians, allowing them to make the move into home ownership.”
Ms Hart also welcomed the announcement of specific thresholds for the Kimberley and Pilbara, which reflected the unique market conditions and higher living costs in these regions.
The WA Government sets Keystart’s property price and income limits using REIWA median house price data.
Ms Hart said REIWA was proud to have played a role in the updates to existing thresholds and the development of the new limits for the Kimberley and Pilbara regions.
“As the peak body for real estate in WA we have unique insights into the WA property market and our data reflects what is happening now,” she said.
“Linking the property price limits to REIWA’s medians means they will reflect actual market conditions across WA and can move with the markets as they change.
“This will ensure as many people as possible remain eligible for Keystart loans.”
The new limits are effective from 19 December 2024. They are:
Metro and regional
| Previous property price limit | New property price limit | Previous income limit | New income limit | |
| Low Deposit Home Loan | $650,000 | $730,000 |
Singles: $137,000 |
Singles: $148,000 |
| Shared Ownership Home Loan | $535,000 | $615,000 |
Singles: $113,000 |
Singles: $123,000 |
Kimberley and Pilbara
| Previous property price limit | New property price limit | Previous income limit | New income limit | |
| Low Deposit Home Loan |
$650,000 (Kimberley) |
$750,000 |
(Kimberley) (Pilbara) |
Singles: $225,000 |
| Shared Ownership Home Loan | $500,000 | $615,000 |
Singles: $110,000 |
Singles: $123,000 |
Property price limits will continue to be reviewed periodically against annualised median house price data sourced from REIWA. Income limits will reflect the income required to service the property price limits.
Are you looking to get into your next home in the Rockingham Region? Contact our team on 9592 8188.
Source: REIWA
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