What is shared ownership?

Shared ownership is where the government (in this case, WA's Housing Authority) puts forward cash to help you reach a 20% deposit. While you, the borrower, might only use a 2% deposit, the government will 'top up' the remaining 18% (sometimes more) to help you get a loan. The government would then essentially own that part of that house. As you pay off the loan and earn more and more equity in the house, you might decide to buy back the part owned by the government. The federal government has also announced a shared ownership scheme called 'Help to Buy' .

How do I refinance from a Keystart loan?

Keystart can be helpful to get borrowers into the property market, but ideally borrowers would eventually move onto more competitive rate loans. Once you've built up at least 20% equity in your home you can refinance to a standard bank or lender. Not only would you get more competitive rates but you might be able to take advantage of features like an offset account . You can start by completing a mortgage discharge request form from Keystart and then Keystart will help you as you begin the application process with another lender. If you're on a shared ownership scheme, you'll take on the government's share in the new loan.