There are a number of affordable housing option models for residents looking to rent or buy a home. These include Keystart Home Loans, Keystart Shared Start, National Rental Affordability Scheme and the Bond Assistance Scheme.
Keystart home Loans
Keystart is a lending institution backed by the Western Australian Government. They provide home loans for eligible clients unable to access finance through other institutions.
Keystart does not require mortgage lenders insurance and typically requires a deposit of 2% of a property's total cost. Mortgage packages are restricted to owner-occupied housing.
Keystart shared start (share equity home loan)
Keystart's SharedStart Home Loan is available for home owners purchasing new homes from the Department of Housing under the
SharedStart program. Home owners typically purchase 70-80% of the equity of the property through Keystart, with the remaining 20-30% equity in the property retained by the Department of Housing.
The scheme enable households to enter home ownership without requiring finance for the full value of a property, enabling the outstanding equity to be purchased at a later date.
National Rental Affordability Scheme
The
National Rental Affordability Scheme (NRAS) aims to increase the supply of affordable rental opportunities. Eligibility for the scheme depends on household composition.
The
Bond Assistance Loan Scheme provides households with an interest-free loan to pay bond and two weeks rent on properties in the private market, depending on income limits and eligibility.
Please contact Strategic Planning for more information on affordable housing for residents on 08 9411 3444 or [email protected]