A low deposit loan program to buy modular homes starts today, as the state government announced changes to the Keystart board and a suite of investments to boost housing supply.
A low deposit loan program to buy modular homes starts today, as the state government announced changes to the Keystart board and a suite of investments to boost housing supply.
Loan agency Keystart has launched a new loan product for more Western Australians to buy a modular home, aimed to assist people in regional WA.
Keystart will also launch a shared equity product for new or under construction apartments, townhouses and multi-residential dwellings, as part of the state government’s election commitment.
The state government has allocated $210 million in the upcoming 2025/26 budget to deliver the product which is expected to make available 1,000 shared equity loans.
Under the investment, the state government will buy an equity share of up to 35 per cent of the home’s value or $250,000 maximum.
"We want to see Keystart helping more Western Australians right around the state achieving home ownership whether that's more modular homes in regional WA or getting affordable apartments and other multi-residential developments off the ground sooner,” Treasurer Rita Saffioti said.
The state government has also appointed former under Treasurer Michael Barnes as chair of Keystart.
Former Commerce and Finance Minister Sue Ellery and community housing consultant Kerryn Edwards have been appointed to the Keystart board, both to start on July 1.
Fiveight chief executive Paige Walker will join the Keystart board on January 1.
Keystart chief executive Mark Tomasz said the announcement showed the state government’s confidence in Keystart’s ability to contribute to affordable housing supply.
“This represents both an opportunity and a responsibility for Keystart to grow and evolve to meet the significant challenges facing the housing industry and aspiring homeowners,” he said.
“We’re looking forward to working closer with government and industry partners to create more practical solutions for housing in Western Australia.”
The state government’s Build to Rent Kickstart fund is also set to launch by the end of this year.
Under the fund, $75 million worth of loans will be available to streamline build to rent projects.
The state’s construction workforce will also receive an almost $40 million boost as the government aims to attract more tradespeople to work in WA.
Premier Roger Cook yesterday announced the state government will allocate $25.2 million in the state budget to expand the group training organisation wage subsidy program.
A further $12.3 million will be invested to extend programs targeted at overseas construction workers.
Mr Cook said WA’s booming economy and growing population has put pressure on the state’s housing market.
"This [Keystart] investment is one of a wide range of levers my government is utilising to boost housing supply and improve access to affordable homes for more Western Australians,” he said.
"We are getting to work on delivering on our election commitments, delivering new loan products to support a range of homes - whether they be modular builds, townhouses, or apartments.
"It's all part of our budget, which is focused on delivering houses, hospitals and jobs so that we can maintain WA's nation-leading economy and secure a future that's Made in WA."
Ms Saffioti will deliver the 2025-26 state budget on Thursday.
