Skilled Start Home Loan

Skilled Start Home Loan FAQs

• Q I completed my qualifications 10 years ago - am I still eligible for the Skilled Start Home Loan?
  A

  The Skilled Start Home Loan is aimed at supporting people in the early stages of their career. To be eligible, you need to have started an apprenticeship, been working as a skilled worker in a building and construction occupation or graduated with a Certificate III qualification or higher within the past five years. 

  
  

  If your qualification was completed more than five years ago, you won’t be eligible for this loan - but there may be other home loan options that might suit you.

  Compare our home loans
• Q Are there any restrictions on the type of property that I can purchase?
  A

  You can purchase any type of property available on the open market anywhere in Western Australia.  

  There are different price limits though. Our property purchased price limit is set to $700,000 for an established property and $750,000 for an off-the-plan build (not yet built), under construction home or a new home. 

  Build or buy an existing home
• Q What evidence do I need to show that I meet the skilled worker or qualification requirements?
  A

  You’ll need documents that show your qualification or that you work in an eligible occupation. We’ll go through that with you as you start an application. Examples of acceptable evidence include:

  • certificates from a registered training organisation (RTO), such as TAFE or university,
  • trade certificates or white cards, or
  • high-risk licenses.

  All documents must be dated within the last five years. Refer to Build a Life in WA initiative for a full list of approved skilled workers in building and construction occupations. 

• Q Is the interest rate the same as Keystart’s Low Deposit Home Loan?
  A

  Skilled Start Home Loan interest rate offers a discount on Keystart’s standard variable interest rate. 

   

• Q My partner is a skilled worker or has a qualification, but I do not. Do we both need to meet the occupation/qualification criteria?
  A

  If one applicant satisfies the occupation or qualification criteria, you both may be eligible for the Skilled Start Home Loan, if you’re applying as a couple. 

   

• Q Can I apply for a Skilled Start Home Loan?
  A

  To apply for our Skilled Start Home Loan, you need to have, within the last five years:

  • started an apprenticeship or completed a formal apprenticeship training,
  • worked as a skilled worker in a building and construction occupation (see eligible occupation list as defined by Build a Life in WA initiative), or
  • graduated with a Certificate III or higher (Cert IV, diploma, bachelor or higher qualification) in any industry.
• Q Other than the deposit, what other costs are there?
  A

  Some of the other upfront costs you may incur when buying a home include application fees, legal or conveyancing fees, transfer fees, government stamp duty, inspection fees (building or termite), settlement agent fees, building insurance and water or shire rates. 

  You may also need to consider your moving costs if you need to hire a truck or removalists. If you're a first home buyer and you're thinking of building a new home, you may be eligible for the  first home owner grant. 

  Costs and benefits of buying a home
• Q Do I have to be employed to get a loan?
  A

  Yes, you do need to have a stable income or regular employment for at least six months. 

  Keystart accepts some Centrelink benefits as income, but your total income affects the amount you will be able to borrow.

  How much can I borrow?