Keystart changes to boost affordable housing options

More affordable housing options will be available to Western Australians entering the property market with the State Government announcing increases to Keystart home loan property price limits.

The change means that borrowers can purchase properties across WA up to the value of $560,000.

Previously, the property price limit was $480,000 for customers building or buying established homes for the Perth metropolitan area and $500,000 for regional areas.

The increased price limits reflect the rise in the cost of housing in recent years, and ensures Western Australians retain choice of affordable housing options.

"Our strong economy and responsible budget management mean my Government can be agile and take action to support Western Australians who need a hand reaching their home ownership goals," Premier Mark McGowan said.

"Keystart's new price limits will give prospective homeowners more choice of where and what type of property they can buy.

"Keystart is nationally recognised as the most successful scheme of its kind.

"By lowering barriers to entry, Keystart helps make the dream of affordable home ownership a reality for more Western Australians."

Keystart was established in 1989 to support Western Australians with purchasing an affordable home with a low deposit loan and no lender's mortgage insurance.

The new property price limit is effective from December 12, 2022.