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  1. #1
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    Default Key start loans...have u had one?

    So I was thinking that I would like to get out of the rental trap and build a house...on a house and land package...

    I'm thinking a keystart loan is the way to go...for those in other states its a governmental run housing loan package which means you take responsibility for 60 of the loan and them 40 . Once you pay the 60 you work in the 40 ..

    Anyone had one of these loans or know someone who has?

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    We have only just been approved for a keystart loan so don't know that much but they take about 6 weeks to process an application so apply as early as you can.

    The interest rates are a bit higher then banks but we plan on using keystart for a few years then changing to a bank loan because they have lower interest rates (this is on advice of the mortgage broker)
    In the first year you only have to pay $50 a month but to try and pay off earlier we will be paying the difference from rent to mortgage. Then the full amount once we move.

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    Do you mean 50 a month while the house is being built? Are you building? How come its so low? And how much higher is the interest rate? Did u need a deposit? I got told you don't...

    And how much do you have to pay to switch loans ..ie to a different bank?

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    Can anyone give me a link to information for this loan? I have never heard of it and very interested to look into it further.

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    Just google keystart munchkin...

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    I'm pretty sure keystart loans are only in and available for western Australians I think thats why some may not have heard about it. I have obviously (being a QLD'er) have had no experience with any on of it. But best of luck anyway

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    Oh yes we are building. It's for the first year I think so even after building is complete. I didn't realize you meant for a pre established home.

    I always thought you didn't need a deposit BUT we needed $5000 deposit! Land agent wanted $1000 and builder needed $2000
    I would never suggest anyone but a house with $0 deposit as there are always extra costs

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    And interest rate is 12-13% I think? I can't remember coz it was awhile ago we signed the documents

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    So can I be rude and ask what a house/ land package is worth these days ? Where are you building? I'm thinking Bassendean/ South Guildford way as ds may be gng to high school out there...

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    Baldivis and most in my area are around 350,000-400,000

    For closer to the city probably 400,000-500,000


 

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