What is the catch with Keystart?
There is just one catch The rate premium is added to serve as an incentive for people to transition away from the loan, once they have secured some equity in their property, and refinance with another more competitive lender. That then frees up a Keystart loan for someone else.
How long does Keystart Finance approval take?
At the moment it may take us up to five working days to start the initial assessment of your application, from the date we receive all of your required information. Then our team will let you know if you have conditional approval.
What bank does Keystart use?
In 2016 Keystart partnered with Bendigo and Adelaide Bank who acquired part of Keystart’s loan portfolio via equitable assignment.
How long does it take to refinance from Keystart?
Transition to a new lender when you’re ready Some Keystart customers never refinance but the average time it takes for our standard home loan customers to refinance is between five to seven years.
How long do you have to stay with Keystart?
six months
Q Is there a time limit for the discharge form? The form expires six months from the date of it being lodged with Keystart. If settlement has not occurred within six months of the discharge form being signed, we will need a new one to be completed.
Is Keystart owned government?
Keystart is not a bank, it is a public limited company incorporated under the Corporations Act with an independent board and one beneficial owner, the Government of Western Australia via the Department of Communities’ Housing Authority. Keystart is proudly an initiative of the Western Australian government.
How can I get out of my Keystart loan?
If you are paying out your remaining loan amount, you need to start the process of discharging your loan by completing the Mortgage Discharge Request form. Keystart recommends you seek your own independent financial advice prior to making any decisions about your financial needs.
Can I sell my house with Keystart?
Yes. If you wish to sell your home, a valuation will be conducted to determine the current market value and minimum sale price. The Housing Authority has the first option to purchase the property from you.
Should I look at houses before pre-approval?
It’s possible to look at houses without a preapproval. However, if you’re serious about buying, it’s not recommended. A preapproval letter will not only help you during the house hunting journey, but it also tells sellers that you’re a reliable home buyer.
Can you use Keystart twice?
Generally yes, and we encourage you to do so. But the answer will be dependent on the type of shared ownership property you are looking at. If it is a ‘Flexible’ property you can increase your ownership whenever you can afford to. Stamp duty concessions and incentives may apply.
Is Keystart good for a home loan?
At the moment home loan interest is very low. But, Key start does not give this opportunity to their customers. Keystart interest rate still sits at 4.94% where most of the others have less than 4%. I pay $2530 for a month whereas my friend for the same amount pays only $1760. This is a huge difference.
What are the requirements to apply for a Keystart loan?
You must also be employed for at least six months before applying for a Keystart loan. You can reach out to our team on 1300 578 278 or email us at [email protected] and speak with one of our specialists in more detail about your eligibility for a Keystart loan.
Is Keystart’s interest rate killing you?
But the interest rate is slowly killing you. At the moment home loan interest is very low. But, Key start does not give this opportunity to their customers. Keystart interest rate still sits at 4.94% where most of the others have less than 4%.
What is keykeystart interest rate?
Keystart interest rate still sits at 4.94% where most of the others have less than 4%. I pay $2530 for a month whereas my friend for the same amount pays only $1760.