In the last few weeks there has been industry announcements that will make it a lot easier to secure finance for many buyers, including changes to lending criteria, changes to Keystart and also interest rate drops.
APRA changes serviceability criteria
You could now borrow more money under the new criteria imposed on lending institutions by APRA (the Australian Prudential Regulation Authority)
APRA imposes guidelines to lending institutions (such as banks) around the criteria used to determine whether or not someone could service a loan. This criteria is set quite high, but on the 21st May APRA announced it is looking at allowing banks and lending institutions to set their own serviceability criteria within a lower range, meaning more people would be in a position to get a mortgage. An official announcement is expected at the end of June. You can read more about this on our blog.
Keystart Eligibility Criteria
Keystart eligibility criteria has changed. Income limits for singles and couples have been increased.
Previously the only people who could apply for the State Government’s Low Deposit Homeloan under the Keystart programme were set at low income limits. Keystart announced earlier this year that for the second half of the 2019 calendar year (ie from 1 July) they would increase the income limits for couples and singles to help get more West Australians into home ownership. You can apply now for loans issued in July onwards. You can read more about this on our blog.
Interest rate cut (+ banks follow suit)
The Reserve Bank of Australia (RBA) has just announced that the cash rate will be cut by 25 base points, making it now 1.25%. The banks and other lending institutions should look to pass this on in the coming weeks.
$10k Kickstart to the end of June
Yep, you read it right. We are also offering up to $10k to kickstart your new home purchase. You can enjoy our current promotion of a $10k kickstart.
Property prices have never been better
With land available from just $145,000 in our beautiful community, it truly has never been a better time to buy.
So much to love at The Glades
Talk to someone about your piece of land with $10K kickstart*
If you have any questions about land availability at The Glades and the house and land packages on offer, please get in touch with us. We would love to help you on your new home journey.
2 Doley Road (Cnr Abernethy Rd),
Byford WA 6122
Phone: 08 9525 4444
Monday, Wednesday, Saturday & Sunday 1pm-5pm