best place to buy your home from
weve been with keystart over 12 years the staff are always willing to help there customers, keystart has great rates that the banks cant touch , it will be now and forever the best place to get started in the housing market great job keystart
A low deposit does not worth at all when long run! Do not get into this trap!
It is very exciting to build your own home. We were too! The loan approved quickly. We have our own home. But the interest rate is slowly killing you. At the moment home loan interest is very low. But, Key start does not give this opportunity to their customers. Keystart interest rate still sits at 4.94% where most of the others have less than 4%. I pay $2530 for a month whereas my friend for the same amount pays only $1760. This is a huge difference. Please wait to save some money and go with a bank. DONT GET INTO THIS TRAP. I truly regret.
Fantastic service! Can’t wait to commence building of our first home
We applied for a keystart loan and with the help of our fabulous broker (external to keystart) we received pre approval within 2 days. Over the next few weeks we worked on meeting our conditions as set out by keystart and once these were met our valuation was undertaken in a timely matter. Once signed off we received formal approval just a few hours later!! Keystart turnaround times have been amazing and I couldn’t be happier with the service. After notification of our formal approval we received the loan documents in the mail the next day. What a great start to our building journey :) thank you!
Great service and great professional staff
Fantastic service and very helpful staff,lots of help along the way.a big step forward towards my home loan and it was excellent for me to understand the loan and interest rates
Don’t not even think about it.One if my biggest regrets
Please don’t do it.The carrot dangled with the low deposit is not worth it.The interest is unbelievably high.I can’t really believe it’s meant to help people with actual difficulties.Totally unwise decisions I say.
Tired of being given the run around
I am curently going thru my third Keystart application so far every time I put in an application key start have questions about the documents I've supplied I answer the questions and the last application for 2 weeks they sit on the answers without submitting them. They wouldn't even submit my answers all they said was my application had timed out and I had to start a whole new application which I have now done it's been about 3 weeks after 2 they asked for more information which I submitted to my broker which he then submitted to them a week pa...st and I rang them to see if they got the information to which they replied there is nothing on our system I need to contact my broker as they cannot give me any information regarding my application. I contacted my broker who stated that he had sent it the day I sent him the information they advised they had not received it, then he resend the information to them which they told him they had it this was at least 5 days before I rang them and was told they didn't have it I feel as if I am being targeted by key start for some unknown reason and to be honest I am now considering choosing a different a lender for my business be clear I'm just over the whole experience of it and I'm very tired of being subjected to the misinformation I have been given to the point I am about to walk out the door. There have been other issues before this with the other two applications and I am tired of it I would not recommend this company to any one, the only way I would change my view on keystart is if there were no more issues but I am not holding my breath.
Keystart - Don’t Do It!
My husband and I pay (5.34% variable interest rate) for a $450,000 mortgage. We pay almost $700.00 pw with Keystart versus $500.00 pw (3.89% fixed interest rate) with a bank. Add this up over one year and the low deposit option is not worth the stress of ongoing high mortgage repayments. We don’t know how long the poor housing market will continue. Our house is now worth much less than the mortgage, which is outside of our control, despite so much of our income put into our home over the years to increase its value. If we sold our house, we w...ould owe Keystart tens of thousands of dollars. It’s a government initiative for which the interest rates are extortion! Keystart customers are trapped and drowning in high mortgage payments, as well as other costs associated with owning a home. Keystart are not competitive as only offer a variable interest rate. The govt did not consider a support system for customers in the event values decrease due to economic pressures. Keystart’s alleged plan of encouraging customers to refinance with a bank for a competitive interest rate does not work, no bank will take us in this market! We are stuck with ball and chain! Something has to be done!! Perhaps for those who have had a mortgage with Keystart for 1 or 2+ years, have good payment history, solid income are offered the opportunity to move their mortgage (regardless of equity level), simply switch the loan in-house with Keystart to a competitive “fixed” interest rate comparative to banks. This will assist customers to keep their property versus lose it as cannot afford the repayments, especially when the market decreases and fewer buyers. In a good market, customers can choose to move to a bank or stay with Keystart. In a bad market, there is a solution of a fixed rate with some criteria to reduce risk, but we need help!
Homeless with my 2 year old child
Been with them 7 years they've extracted 80% of my super the same with my partners roughly 40000. We hit some really rocky roads with person issues, were all for making any possible arrangement to move forward the loan about 10000 behind no super left to take now.
Sheriff order lock up and hand over of property.im virtually on the verge of suicide.
Exceeded our expectations
Firstly, Thank you KeyStart. We moved into our new home last week. You guys are awesome. Our experience was great
1. Quick turn around
2. Guided us all the way
3. Answered all our queries
4. Customer service representatives were helpful and friendly
I can’t thank enough for making our life happier. I highly recommend KeyStart to friends and family.
Excellent to get into a first home, but then you become trapped!
Good opportunity to get into a home, but with homes losing value, you become trapped and unable to refinance. I pay upwards of an extra $600 per month because of there variable interest rate. The variable interest rate is supposedly to cover the fact you don't have to have mortgage insurance. Well I've played above and beyond the cost of mortgage insurance now, and keystarts profits continue to rise!
Inexperienced trained staff
Being a licensed real estate agent here in W.A. and in the business for over 25 years , I have never had a finance application rejected because of poorly trained keystart staff not knowing the difference between a structural engineers report relating to the main structure repairs and cosmetic defects.
1. A fence is not included as part of the main structure.
2. A pergola is not included as part of the main structure.
3. A bulkhead attached to the ceiling is not part of the main structure.
Seriously how many more loans have you people rejected based on ignorance and lack of training.
Please don’t bother emailing me with your standard template
How can so many people use Keystart if its so bad?
I'm not sure if this will get posted as it's not a review per se but it's sort of a review on all of the seemingly ungrateful or unfortunate people out there who knock Keystart when something goes wrong. But congrats to those who have made it happen...onwards and upwards.
None of us live on easy street but it's what you make of life that counts. You have to help yourself.
I am thinking of asking for help from Keystart, as yes its a fact house prices are down down down in WA. Just because someone asks a certain price for their house doesn't mean...
Greediest and most unethical organisation of all time
A few years ago, Keystart 'assisted' me in obtaining outright ownership of my home ... except that they changed the goal posts on me at the last minute and forced me to accept a 68:32 split ownership that was unfavourable to me (to put it mildly – it robbed me of nearly $30,000). I have never encountered such a greedy and unethical organisation in my life. Thanks to them, I'm now going to be forced into SELLING this place and RENTING – because the cost of maintenance (to which the greedy Keystart doesn't contribute a cent) has become prohibitiv...e. Naturally, if Keystart hadn't screwed me over, I'd have had enough money for long-term maintenance. But the place is gradually falling to bits – small problems have become big ones (as they invariably do); and I simply can't afford the upkeep on this place any longer. FYI – I’m certified TPD and am forced to survive on the DSP. Keystart knew all this information of course, but couldn't care less. I now wish I'd never dealt with them in the first place. I honestly would've been better off RENTING from the outset.
Bad interest rates
This scheme takes the people who are vulnerable and gives them a house with extremely high rates. They say they are comparable to the big four banks, they say they promote you to refinance.
The negate the fact that people come to them because they are vulnerable and need help. They are often casual and unable to refinance elsewhere. This means they are stuck paying high interest rates for the life of the loan. Keystart despite having extremely high rates ups the interest rates despite the reserve keeping rates on hold.
They say that they...don't charge lenders mortgage insurance and some how that justifies them charging as excess amount as they do. To get the same loan at a major bank the lenders mortgage insurance would be $8000. But yet with Keystart I am paying $150 per fortnight more than I would if I was with the big bank. This hardly justifies the position of key start when a trade off of $8000 LMI is worth an extra $150 per fortnight for 30 years. If LMI is so valuable to Keystart then they should offer it in lieu of a lesser interest rate.
Totally fine experience.
I used Keystart approx 18 months ago to purchase my first home under the SharedStart scheme - this was my only way in to the property game without any parental or partner assistance so I took the leap. I read reviews about how difficult Keystart were to deal with, how the approval process takes forever etc but I experienced none of this. One piece of advice - read the requirements properly, and have everything organised before you go - all paperwork, evidence, payslips etc - make a checklist and put it all in a folder to take with you. I went t...hrough application, pre-approval, conditions and unconditional approval in a very short amount of time on a fairly average salary (single) with no deposit. Yes, the interest rate is higher than most - but that's to be expected when you don't have a deposit or you're on low income. For those complaining about the interest rate ruining them financially you knew it was higher than average when signing up - your budget should allow for this. The customer service I have experienced has been excellent. I generally email and my queries are answered within 1 business day. I'm in the process of refinancing elsewhere for the lower rate and to purchase 100% ownership - Keystart were a pleasure to deal with to get more information on the process and arranging the valuation for me. Yes they are strict, yes the interest rate is high, yes you need to think carefully about whether you can afford the higher rate - but all in all they have helped me get my first property, they have been great to deal with & I'm happy with how things have gone.
Where to even start??!!
Where do I even start? Seriously? Bought our 70 years old plus house in Kalgoorlie back in 2008 at $295,000. Thought it was such a great incentive to get into the housing market being young and just having had our 3rd child. Within a few months, the house had started leaking from poor structural support on the roof and a poorly set up box gutter that couldn't hold the rainfall. Lots of insurance claims over the first years since and have now been knocked back multiple times by our insurance company. Our son was diagnosed with autism a year late...r and we stayed in the house for a few more years until he had outgrown the town and the lack of services in Kalgoorlie and had to move back to Perth (we love Kalgoorlie, but unfortunately cannot be there due to lack of services). Since we returned to Perth in 2013/14 we have had to rent the house out, asking for permission every year of our intent to either move back in, refinance through another lender who will not lend us more then the house is valued at which Keystart don't seem to understand or sell it. The house has been valued recently at either $140,000-$150,000 by one real estate but most seem to be around the $200,000 mark which we find hard to believe. Keystarts only valuation service they will use costs $695 each time they are used, are extremely rude and have "valued" the house 2 times now at upwards of $80,000 above market value and this has been proven once I challenged it that they were wrong!!! We have had to have the floor completely restumped as it was sinking, the roof and box gutter replaced a few times now and have added $30,000 to a new loan to make sure the house is not leaking, which a few weeks ago started again on our new tenants. Keystart have been gracious in letting us rent the house out which we do appreciate, but have had no interest in the house and what we perceive to be 40% of their joint interest in the house and the issues associated with the house. We had to fight tooth and nail to access OUR $10,000 in advance which we had paid extra over the years to assist with repairs to the house. The turnover at Keystart seems to be quite high, could be wrong but very rare that you are able to talk to the same person more than once and then have to repeat all your grievances from scratch each time. A case officer would be a great incentive for Keystart to implement in my opinion. Understanding their sale procedure would also make life easier as everything there is far too complicated and no one has really been able to explain exactly what the incursions would be when selling the house and what we would owe or not owe? Going over my initial contract, Keystart should never have allowed us to purchase this house as it was deemed with issues from the initial builder's report which was submitted to them. We're just as much at fault, but we were both young with a new family and keen to get into a house of our own and signed anything that was put in front of us and wasn't aware of any leaks until months later when rain season hit and we've been wearing the HUGE costs ever since. There's no sympathy or help as such from Keystart and for a government incentive to help people get into their own place, highly recommend that you do not go through them, far too much trouble and little assistance.
Very poor customer service
I have a had a loan with Keystart for 5 years and i have to comment on the very poor customer service. Who is the customer in this relationship? It certainly doesn't feel like i'm the customer with Keystart. Arrogant and poorly trained customer service staff. I can not wait until 2019 when i can get a home loan from a bank so i can rid myself of Keystart and their harassment.
Go to a bank first people!
Interest rate is too high...
My suggestion is not to go with keystart, it's better to wait for ages whilst saving for a deposit so that you can get a loan through a bank. Keystart attracts people with the low deposit and no LMI but the interest rates are extremely high. It is difficult to refinance because of house market declining. and you'll be stuck paying a high interest rate. I am with Keystart from 2015 and still can't go to another bank because of property value. Now I am ready to pay LMI and reduce my interest rate but can't do it. As per my calculation, I am payin...g $300 more interest per month compare to a bank which is unreasonable. They are going to increase the interest rate again!!! from Dec 2018. Looks like I will be robbed again. I would strongly suggest that people don't go through keystart. Don't and don't.
Don’t Sign on with Keystart
They will not evaluate your property correctly and we have been with them for 4 years. Had rude staff at there call centre. Other banks will not refinance keystart customers unless you have savings which you won’t because you’re paying a high rate mortgage. My friends have a house more expensive than mine but are paying $400 less a month. I will be writing a letter to the government on asking for a inquiry into misconduct by brokers telling customers about keystart and keystarts high interest for low income earners.
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Questions & Answers
If I have a spouse and I want to apply for a home loan, do they have to apply too, or can i apply as a single?
Which credit reporting agency does Keystart use for checking applicants credit files is it Veda / equfax
Hi. Our finance had been preapproved and just waiting on finalisation. How long do keystart watch your bank and your expenses? We feel like we're in prison, lol!
Hi Janeen - if you would like some information on our formal loan approval processes, please feel free to give us a call on 1300 578 278. It's difficult to comment without seeing your application. Regards, Keystart.
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