The McGowan Government will extend the loan book of the State’s highly successful Keystart scheme by $420.9 million, as part of a suite of measures to improve housing affordability for Western Australians.
Premier Mark McGowan announced the extension today ahead of the State Government’s Mid-Year Review scheduled for later this month.
The extension for Keystart – on top of the $500 million already approved since the McGowan Government came to power – will help more Western Australians into home ownership at a time when property prices are more affordable.
Of the 2,789 loans approved in total by Keystart in 2017-18, 2,169 were for construction or newly constructed homes – building activity that stimulated the State’s economy by supporting an estimated 1,700 jobs and generating up to $670 million in economic activity.
As the housing market stabilises, the McGowan Government has developed a suite of responses to support the residential construction sector and provide more people with the chance to achieve home ownership – including boosting Keystart’s lending capacity to $4.8 billion.
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Hon Peter Tinley AM MLA
Minister for Housing