Western Australia

Keystart gets $421 million boost to assist housing sector

housing western australia stock image

The WA Government will extend the loan book of the State’s highly successful Keystart scheme by $420.9 million, as part of a suite of measures to improve housing affordability for Western Australians.

WA Premier Mark McGowan announced the extension ahead of the WA Government’s Mid-Year Review scheduled for later in December 2018.

The extension for Keystart – on top of the $500 million already approved since the WA Government came to power – will help more Western Australians into home ownership at a time when property prices are more affordable.

Of the 2,789 loans approved in total by Keystart in 2017-18, 2,169 were for construction or newly constructed homes – building activity that stimulated the State’s economy by supporting an estimated 1,700 jobs and generating up to $670 million in economic activity.

As the housing market stabilises, the WA Government has developed a suite of responses to support the residential construction sector and provide more people with the chance to achieve home ownership – including boosting Keystart’s lending capacity to $4.8 billion.

Based on the median value of loans, the extension potentially equates to an extra 1,100 home loans.

Source: WA Government