Summit Homes Group has received the Project Builder of the Year Award from the MBA in Western Australia for the third time! A testament to the team’s dedication to excellence in the home building industry.
Keystart has just announced an major update that will make building your own home more affordable and less stressful.
Starting September 25th, 2024, Keystart will cap construction payments at only $100 a week (or $400 a month). This means you can transition into homeownership with minimal financial strain during the construction phase.
What does this mean for you?
Managing payments while juggling everyday expenses can be challenging. Typically, if you took out a land loan for $300,000, your monthly payment would be about $1,560 just for the land. When you factor in construction progress payments, costs can quickly add up.
However, with Keystart’s new $400/month cap, you’ll have greater financial flexibility while your home is being built. This amount covers both land and construction payments, allowing you to clearly see your monthly expenses.
You can choose to pay more than the minimum to potentially save on interest later, but this new policy helps you better manage your budget during the construction phase. Combine this with Summit South Wests 9-month price hold and 12-month build time guarantee, and first-time homebuyers can now move into their new homes sooner.
Why is this a big deal?
This new payment cap offers a fantastic opportunity, particularly for first-time buyers and renters looking to own a home. You can begin your homeownership journey sooner, without the stress of managing construction payments while you wait to move in. This announcement comes after Keystart’s recent adjustments to income and property price limits, making homeownership accessible to even more individuals.
Who’s eligible for Keystart’s $100-a-week construction cap?
This payment cap is applicable to all new construction applications submitted from September 25th, 2024. If you’ve already started your application but haven’t received formal approval yet, don’t worry—Keystart will reach out to see if you’d like to take advantage of this new option.
Why has Keystart made this change?
Keystart’s new policy demonstrates their commitment to supporting Western Australians on their journey to homeownership. This update comes after discussions with broker partners (like us) and valuable customer feedback. It’s all part of Keystart’s mission to make homeownership more accessible and affordable, particularly for first-time buyers.
How can you get started?
If you’re ready to see if you qualify, reach out to us today! Our in-house finance team at Westgate Finance (ACL 410232) is here to help you find the right financing solution. Whether you’re just beginning your homeownership journey or are already in the process, Summit South West is here to support you every step of the way.
