Criteria change boosts Keystart interest
In a positive sign for the real estate market, inquiries to Keystart rose 50 per cent last month on the back of expanded eligibility.
Chief executive Paul Graham said the deposit — usually 20 per cent of the loan amount — was a big barrier for firsthomebuyers.
“The average price of a home is $500,000 and not many people have $100,000 sitting in their bank account,” he said.
“Through Keystart, borrowers can save up to 15 years in saving that deposit,” he said.
“If you are in your mid 20s, it’s daunting to think you’re going to be in your mid to late 40s before you’ve saved the deposit.”
The State Government recently announced expanded eligibility criteria for six months, lifting the income threshold $15,000 for singles and couples and $20,000 for families.
“If more people have a Keystart cheque in their back pocket, we hope this will be translated into building activity and jobs,” he said.