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.
Property prices have never been better
With land available from just $179,000 in our beautiful community, it truly has never been a better time to buy.
So much to love in Oakebella
Talk to someone about your dream lot
If you have any questions about land availability at Oakebella 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.
Cnr Bertram Rd & Tamblyn Pl, Wellard
Ph 08 9297 9977
Mon & Wed: 1pm - 5pm
Sat: 1pm - 5pm
Sun & Public Hols: 1pm - 5pm