MADORA Bay is a long way from Birmingham, England but it is where Richard and Lisa Smith are building their dream home, thanks to a Keystart home loan.
The Smiths, who emigrated from the UK in 2014, are Keystart’s 100,000th customers.
They heard about Keystart from a friend with a Keystart loan and researched the scheme through social media and found the process of getting a loan was quick and painless.
As first-home buyers, and because they were building a new home, the Smiths qualified for the State Government’s first homeowners grant.
That boost, added to Keystart’s requirement of only a 2 per cent deposit and no lenders’ mortgage insurance, meant the Smiths could save their deposit 12 months earlier than planned.
They expect to move into their new home by the end of the year.
Housing Minister Peter Tinley said housing development job creation was not just about builders, plumbers, tilers, electricians and carpenters like Richard but also manifested in retail with families like the Smiths buying furniture, curtains, carpets, washing machines and freezers for their new homes.
“There’s an incredible trickle-down effect that stimulates the whole economy,’’ he said.
Mandurah MLA David Templeman said the scheme was the most successful of its kind in Australia.
“Since 1989, Keystart has helped 100,000 low to middle-income West Australians into a home of their own they thought they would never be able to afford,” he said.