Keystart: State Government's lender introduces new loans, schemes to help get more West Aussies into housing
On Monday, the State Government's lender, Keystart, introduced several new programs, including a dedicated loan for modular construction, amid a tepid take up from banks and other mortgagees to offer products.
As part of the announcement, promised by Labor at the State Election, borrowers will be offered low-deposit loans with additional progress payments to support builders and improve access to the new building style.
The Government has also unveiled a new shared equity scheme to allow low or middle-income households to buy into a medium or high-density development. Keystart will take up to 35 per cent of a property's value to a maximum of $250,000 to support new buyers.
Housing and Works Minister John Carey said he hoped the new dedicated modular products would make the construction method more viable for local buyers.
'I would like as many West Australians to take up modular homes. It's still fair to say that while we've seen significant growth in modular we still, as a state, across the board, have a fixation with double brick,' he said.
'There will still be some hesitation, but I hope this enables people to think about it as a serious option.'
Master Builders WA chief executive Matthew Pollock welcomed the announcement as a major boost for the local industry.
'With significant ongoing market challenges and cost of living pressures, these challenges have continued to make it difficult for many home buyers.
'The new low deposit modular loan product is a fantastic initiative, as modular construction continues to become a more popular choice for many, especially in regional WA.
'And in having additional progress payments made available will greatly assist builders in their cashflow, helping sustain and grow industry capacity.'
It comes ahead of Keystart being transformed into a government trading enterprise as of next month, with Labor announcing former minister Sue Ellery would join the board, which would be chaired by former Under Treasurer Michael Barnes.
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