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Master Builders WA supports Keystart program

John GelavisSponsored
Master Builders Executive Director John Gelavis.
Camera IconMaster Builders Executive Director John Gelavis. Credit: The West Australian.

I was pleased to host a meeting with senior executives from Keystart, along with leaders from all parts of the Western Australian building and construction industry, to discuss plans to deliver on their vision in making the dream of homeownership a reality for more people.

Keystart was established by the Australian Labor Party State Government in 1989 to provide low-deposit home loans to Western Australians unable to meet the deposit requirements from mainstream lenders. Since then, Keystart has helped more than 121,000 people into their own homes when they thought the goal was out of reach.

The Keystart team are committed to creating opportunities for more people to step into homeownership across all areas, from greenfield estates to infill locations. This was evident recently when the State Government announced the new Keystart loan to support urban infill goals and boost homeownership.

Western Australians seeking to purchase apartments in urban areas will be offered a new loan option through Keystart’s Urban Connect Home Loan.

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This loan product can be used to purchase apartments in medium and high-density developments with two or more bedrooms that are close to transport hubs and in urban locations.

The loans are designed to support the State Government’s infill priority announced in the 2022-23 State Budget and make property ownership easier for Western Australians.

Loans will be available for off-the-plan, new and established apartments with a minimum of two bedrooms in a complex of two storeys or more, under the two-year pilot capped at 300 loans.

Income and property purchase limits for the Urban Connect Home Loan are $180,000 for singles with a property purchase limit of up to $550,000 and combined income of $200,000 for couples and families with a property purchase limit of up to $650,000.

Master Builders Association of WA (MBA WA) has long supported the Keystart program and continually advocates for measures that will assist those entering the property market.

MBA WA congratulates the State Government on achieving its election commitment, and we look forward to working with them in the process of constructing more affordable housing options for Western Australians.

MBA WA are proud partners with Keystart and continually update our members on the important information affecting the industry such as this recent Keystart development.

For more information on the Urban Connect Home Loan, visit www.keystart.com.au.

If you would like to become a Master Builders member, speak to our membership team on 9476 9800 or email membership@mbawa.com to receive the latest industry news.

Q&A with MBA Housing and Construction Director Jason Robertson

The Question

I’m in the very early stages of looking to get my house built, and my best friend mentioned something called a PPA.

I am not familiar with this, can you help?

The Answer

It is often something many homeowners don’t think of straight away – preliminary costs, upfront costs and the like.

PPA stands for Preparation of Plans Agreement. This is undertaken by the builder, who will give you documents, including some preliminary drawings and technical detailing of your new home.

It is worth noting that most builders will wait until the contract is signed before doing full working drawings as, understandably, clients’ prestart variations can then be included in the working drawings.

A good way to look at it is that a PPA is an early agreement for the builder, who will then have the ability through the agreement to start preparing some documents for local council approval and other technical items such as a site survey, for example.

It is very important to note that this is all done prior to you signing a building contract. Unless agreed to by the builder, the fees relating to the PPA are generally not refundable. So, if you decided to pull out for some reason and not go ahead, the early, and generally minimal, fees are non-refundable. The builder can potentially claim for any additional costs they have incurred in preparation of the documents.

PPAs aren’t lengthy and are not complicated, but it’s recommended you discuss it with your builder early on to avoid any confusion.

CONTACT Master Builders WA, 9476 9800, www.mbawa.com

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