The Western Australian government has announced new measures including up to 2,000 extra shared equity home loans in a bid to help improve housing affordability in the state.
Speaking at a Housing Industry Association event today, WA housing minister Troy Buswell said the government would invite builders and developers to submit development proposals in an Expressions of Interest (EOI) process.
Mr Buswell said the EOI, administered by the Department of Housing, would produce housing across a range of areas including, social housing, Government Regional Officers’ housing (GROH) and Keystart shared equity home loans.
“With a focus on new construction, the EOI supports the housing industry at a time when new building approvals have declined and allows the government to maximise its investment in social and affordable housing for West Australians.
“It will offer builders and developers the opportunity to bring innovative development proposals to government.”
The revised and expanded low deposit shared equity loan scheme, provided through Keystart, plans to increase entry-level home ownership opportunities for up to 2,000 applicants.
"Subject to demand, the state government will increase Keystart assistance to low-to- moderate income households through a boost in the shared equity loan opportunities for disadvantaged groups.”
Keystart shared equity home loans offer disadvantaged members of the WA community the ability to purchase housing in conjunction with Keystart and the Department of Housing.
Under the scheme the Department of Housing can co-own up to 40 per cent of a property which participants can later purchase if and when they can afford to.
Today’s announcement follows the release earlier this month of the State Affordable Housing Strategy, which sets a minimum target of 20,000 additional affordable homes by 2020.