The new Urban Connect home loan by Keystart can be used to purchase apartments in medium and high-density developments with two or more bedrooms, close to transport hubs and in urban locations.
Loans will be available for the purchase of off-the-plan, new and established apartments with a minimum of two bedrooms in a complex of two storeys or more.
Under the two-year pilot partnership with the Western Australia Government, the number of loans on offer for eligible owner-occupiers only is capped at 300.
Prospective homebuyers can enter the market with as little as 2% deposit, with no lender's mortgage insurance payable.
Western Australia Government Planning Minister Rita Saffioti said the Urban Connect home loan is about delivering greater housing diversity in urban infill areas, particularly around key transport corridors.
"We want to see thriving communities close to our key public transport hubs and this new home loan will help drive that," Ms Saffioti said
"By having higher property price and income limits, we're ensuring more people can access medium and high-density homes in locations close to public transport, including our METRONET precincts."
Income and property purchase limits for the Urban Connect Home Loan include:
- Income of $180,000 for singles with a property purchase limit of up to $550,000.
- Combined income of $200,000 for couples and families with a property purchase limit of up to $650,000.
The Urban Connect home loan is a variable rate product, featuring a current interest rate of 5.26% p.a. (5.35% p.a. comparison rate), no monthly fees and the option of additional repayments.
Applications for Keystart's Urban Connect Home Loan will be accepted from 25 July 2022.
For a full list of eligible suburbs, including those within METRONET precincts, head to the Keystart website.
See also: Perth suburbs tipped to grow in 2022
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure |
Image by Nathan Hurst via Unsplash
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