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  1. #11
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    Quote Originally Posted by Zeddie View Post
    And interest rate is 12-13% I think? I can't remember coz it was awhile ago we signed the documents
    I was way off with this, I just checked my loan documents and its only 6.13% interest

  2. #12
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    My ex next door neighbour did this about 2 years ago. She had lived in Homeswest as a single mother her whole adult life. When her daughter moved out and she started working she was no longer eligible for HW and the house she was in was earmarked for demolition. She did the key start thing and bought an established home in Seville Grove (Armadale area I think?) which was where her daughter had moved to.
    She said it is the best thing she has ever done. Got her out of HW which she had pretty much resigned herself to for the rest of her life. Now she is actually working towards owning an asset for the first time ever. She couldn't see any other way this was ever got in to happen.
    Honestly, she should be on an ad for this program, it changed her life.
    Good luck OP.

  3. #13
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    Thanks I will look into it! For sure

  4. #14
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    My Dad did it, 12 years ago when noone else would lend them the $$$. They now owe very little and repayments are ALOT less than if they rented the same place.
    I don't know ins and outs, I just know it worked for them and they haven't had any trouble. They only just switched lenders as they now brought an investment home

  5. #15
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    Default Deposit

    Quote Originally Posted by Mod-Zeddie View Post
    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
    We applied and they said we needed a deposit of $17,000. So much for the LOW DEPOSIT!!!

  6. #16
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    Quote Originally Posted by sprice View Post
    We applied and they said we needed a deposit of $17,000. So much for the LOW DEPOSIT!!!
    Are you buying established?

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    Default Deposit

    Quote Originally Posted by Mod-Zeddie View Post
    Are you buying established?
    no we was looking at a house and land package

  8. #18
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    Quote Originally Posted by sprice View Post
    no we was looking at a house and land package
    Are you entitled to first home owners grant? This is what they used for us in lieu of a deposit. We also needed to prove $5000 of genuine savings (in an account over 6 months)

  9. #19
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    Default Key start loans...have u had one?

    Keystart require 2% deposit and 1% genuine savings and will only lend up to 480,000 so the maximum you would need is $9,600 deposit and $4,800 savings

    Other banks usually require a 10-20% deposit
    Last edited by Mod-Zeddie; 06-01-2017 at 13:33.

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    Default Deposit

    Quote Originally Posted by Mod-Zeddie View Post
    Keystart require 2% deposit and 1% genuine savings and will only lend up to 480,000 so the maximum you would need is $9,600 deposit and $4,800 savings

    Other banks usually require a 10-20% deposit
    We are not first home owners, and was only looking at a $300.000 house and land package.
    We did go direct to a builder after that, and they said we needed $8000 deposit, and they said they used keystart!!!!!


 

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