Keystart Home Loans – WA Government's Urban Connect Plus Home Loan

What are the Keystart Urban Connect Plus Home Loan eligibility requirements?

Not a home loan on its own, the Urban Connect Plus scheme is to be used in conjunction with the Urban Connect Home Loan for off-the plan inner-city apartments in Perth.

The unique program has been designed to cover the developer deposit for an off-the-plan apartment (usually around 10%) if a first-home buyer doesn’t have the funds available upfront. It is important to understand that Urban Connect Plus is not a mortgage, but is a personal loan for up to five years and doesn’t cover the whole purchase price of the apartment.

Once the first-home buyer’s apartment is complete, Keystart will review the individual’s financial situation to ensure they can complete the purchase of the unit with their Urban Connect Home Loan. Individuals or couples applying for Urban Connect Plus should be:

• Over 18 years of age
• Purchasing a home to live in - not an investment property
• An Australian citizen or permanent resident residing in Western Australia

Salary thresholds for first-home buyers looking to access the Urban Connect Plus loan mirror the requirements for the Urban Connect Home Loan. Singles must earn less than $180,000 a year while couples are capped at $200,000.

What are the Keystart Urban Connect Plus Home Loan property price limits?

For singles buying an inner-city apartment, their maximum purchase price is $560,000, while for for couples and families the value cap is $650,000.

Benefits of the Keystart Urban Connect Plus Home Loan?

Keystart's Urban Connect Plus program targets medium and high-density living in convenient urban locations. Purchasing property off-the-plan comes with many financial and lifestyle benefits for first-home buyers.

Today’s prices

By locking in a price in a rising market, there is the opportunity to get onto the property ladder at a lower cost than waiting to save further funds.

Gift of time

Once the deposit is made, first-home buyers will have more time to prepare for home ownership while paying down their Urban Connect Plus loan.

A personal touch

Depending on the development, off-the-plan purchasers may have choices in the apartment's design and layout, not to mention the perk of being the first person to live in the property.

Close to transport

Created with inner city living in mind, the Urban Connect Home Loan and the partnering Urban Connect Plus are available for purchases in suburbs close to rail transport hubs. A map showing the applicable suburbs is available on the Keystart website.

Who is the Keystart Urban Connect Plus Home Loan backed by?

The loan is backed and administered by the Western Australian Government.

Can the Keystart Urban Connect Home Loan be used in conjunction with other incentives?

Buyers using the Keystart scheme may also be eligible for the First Home Owner Grant, a one-off payment of $10,000 funded by the State Government for the purchase of a new home.

Additionally, if the home is priced under $450,000, WA first-home buyers might also avoid paying stamp duty, or only pay a concessional rate for purchases between $450,001 and $600,000.