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Has anyone in WA used keystart to buy their first home. Did you go for share purchase, or alone?
I am in DOH & was going to wait the 3 year term & buy the house I'm in, but there's a more suited house in town, with all the extra's I'd need/want to do to this one, for not much more than I think they'd want to sell this for.
So I'm hoping there are a few with experience, so I can ask a few questions :)
TIA
No one at all? If there's anyone in WA who doesn't know who keystart is, & wants to buy a home, you should really look them up. They're government funded to help lower income earners buy their own home. They will even buy up to 40% with you (but the house is your responsibility), then you buy out their share as you can afford it.
They have special loans to suit sole parents & disability/carers, with only 2% deposit & no savings history.
I've finally decided to see how I go & possibly buy my own home!
We went with keystart to build our home a few years ago.
For us they were fantastic!
We only refinanced to another lender recently as we are building again otherwise we would of stayed put with them.
We didn't do the shared thing, but we did find it affordable still.
Awesome. Thank you.
The house I'm thinking of is a very reasonable price anyway, and if I was to go for the share option I can easily afford it.
I've sent an enquiry, & checked my credit report. See what happens :)
They were easy enough (we went through a broker)
Make sure you have any paperwork they may want ready makes it a lot easier when they ask for it and approvals a lot smoother, are you entitled to first home owners grant?
Also their is another grant to help with fees when buying established which you could be eligible for?
When we built we only paid $100fn whilst it was under construction.
We are paying two mortgages now but the first mortgage is still cheaper than renting.
We were ahead in payments with them so when my partner lost his job for a couple of weeks until he found a new one we could stop payments during that time.
We only paid $3000 out of pocket for a deposit and the home owners grant covered the rest.
Yeah I will be eligible for first home buyers.
I'm just hoping someone can get back to my email regarding the best type of loan to apply for.
The enquiry calculator said I may only be eligible for a loan of up to $11500, but maybe that was just for the share loan. I can also apply for the sole parent, or carer, so will look into them & see what they say.
My uncle is a broker. So mum & I were just discussing weather or not it'd be worth asking him for help to organise all the paperwork etc.
We've always used a broker, just because both times they've compared other lenders and found us a suitable lender without us having to go round to each one enquiring. Partner works a lot of hours and late too and the broker has been so accommodating meeting in the evenings.
We have had so many questions and just a quick call to her clears anything up specially when you want to ask a few before signing paperwork.
Certainly no harm having a chat.
The amount they have said I could apply for has gone up to 20300. I'm really unsure what that means. The best I could do with that is buy a block of land (and I can do that here... no where else!), but then what?
They have specific sole parent & carer/disability set loans, so surely they'd loan these people enough to actually buy a house. Especially considering carers & disability recipients are limited in the hours they can work.
Might have to call them & ask rather than waiting for them to call me.
It's defently easier to do it on the phone or in person.
Then they can get the history, and all financial details to do a more appropriate borrowing power.
Years ago we were told no by banks (even though dh was earning a reasonable income) and keystart happily allowed us the amount needed for block and land package (these days their are a lot of companies working with keystart doing complete house packages for a very reasonable price in all parts of WA too)
I did think about looking at houses to put on land. But I really think that given where I am (4 hrs south east of perth) it'd just cost more in the end. By the time builders/contractors charge for travel. And I'm in government housing. Not sure they'd let me stay if I went that way? If I get some quiet time tomorrow I'll see if I can give them a call & see what they say.
Thanks heaps. I appreciate the input.