What we do at Keystart is provide low deposit home ownership and it is something that the rest of the market just doesn’t have a market for. We start with two percent deposit and half of that is a genuine savings requirement and that really does help people get into homeownership dreams a lot quicker. I come to Keystart every day because of Keystart makes the dream of home ownership a reality. The joy of hearing that a family got into a home, how many families are spending Christmas’s under their own homes, single parents, mixed families, elderly people that have never owned a home before that have the ability to retire in their own home.
The people that do qualify for our loans are people that need our assistance. People above those income limits can go to a bank and they’re going to qualify with a bank. It’s that story that is going to be told from that client that never thought they’d get a home loan, to a friend saying that “hey if I can do it, you can do it”. Keystart along with the State Government of Western Australia have played a very significant role in giving the Aboriginal people something to build on, something to give the double cherries for the rest of their life, and that’s very pleasing and very happy to everyone in this area.
I love being able to help customers and having them you know really hesitant to contact us with a question and by the end of the call saying “I don’t know why I was scared”. Just helping them through learning about homeownership and just talking them through that process we’re able to help more and more West Australians and that has what has kept our program running for well over 25 years because of that transitional nature of our business. We also have shared ownership loans that assist those lower to moderate-income earners who might not be able to achieve full home ownership now but may be able to achieve part home ownership until their circumstances change. It’s all about that relationship that we build together. It’s not just a five-minute transaction it’s over thirty years. It is I guess a journey together.
Finding the Right Home Loan for You
Fixed-Rate Mortgage Loans
First, there are fixed-rate mortgage loans. With a required minimum down payment, these loans lock you into a long-term interest rate for the entire length of the loan, and that might be appealing if you’re looking to settle down. Or adjustable-rate mortgage loans these loans often start with a lower interest rate than a fixed-rate mortgage at first. But the interest rate will change after an initial fixed-rate period. The low initial interest rate could work well if you plan to relocate or make improvements and resell.
FHA Mortgage Loans
There are also FHA mortgage loans. These government-backed loans give you flexibility with a low down payment and the stability of a fixed rate. Though they require an additional monthly mortgage insurance premium, they may offer homebuyers with an easier qualification process.
VA Mortgage Loans
Last, VA mortgage loans– if you or your spouse is in the military or a veteran, these loans may be the best choice. With options for fixed- or adjustable-rate mortgages, these loans typically have low-interest rates and low to no down payment options. There are more mortgage loan programs. But with these four and the help of your loan officer, you can start to compare and see what might be best for you.