WA Labor to support thousands into home ownership for first time

• Re-elected Cook Labor Government to deliver major home ownership package
• $210 million will be invested to boost the Government’s shared equity scheme
• Funding will support the delivery of up to 1000 new apartments and townhouses
• New Keystart loans to target modular housing, and homes for graduates and apprentices

Affordable home ownership will continue to be a key priority for a re-elected Cook Labor Government, with the announcement today thousands of Western Australians will be supported into home ownership for the first time.

WA Labor has today released details of a major home ownership package, headlined by a new Keystart shared equity scheme for apartments and townhouses.

The scheme will see $210 million invested in shared equity to support the delivery of 1,000 new apartments and townhouses and help thousands of Western Australians into home ownership.

Under the scheme, the Government will take out up to a 35% equity share (or $250,000) in the purchase of new apartments and townhouses (off-the-plan and under construction), helping low to medium-income WA families into home ownership by making the upfront cost and ongoing mortgage repayments more affordable.

Income limits for the new shared equity products will be set at the recently raised thresholds of up to $123,000 for singles and $189,000 for couples and families.

Recent legislative changes made by the Cook Labor Government to make Keystart a Government Trading Enterprise will also provide new powers to support home ownership.

This includes the capacity to use funding to underwrite new developments by purchasing a portion of apartments off-the-plan, and onsell those apartments as part of the shared equity scheme.

The scheme is expected to unlock around $600 million in new apartment and townhouse projects, both private and public. WA Labor also announced today it will establish two new Keystart home loan products that would support apprentices and graduates, as well as the delivery of modular homes.

Under the new Graduate and Apprentice Home Loan, Keystart will provide loans to graduates and apprentices, which will include low deposits, free financial coaching and lower upfront mortgage repayments that will enable borrowers to get into the housing market and transition to commercial lenders over time.

The new Modular Home Loan will make it easier for people to access finance for new modular homes, with most home loan products currently designed to finance established homes or builds via traditional construction methods. The new loan product will include additional progress payments to support builder cashflow,and low deposits to allow greater access for customers.

The new modular product will help deliver more homes across regional WA where the build method is becoming a more popular option and access to local trades may be limited. The new product will include additional progress payments that will support builders as well as low deposit loans for customers.

A pilot of these two new loan products will be launched in the first half of 2026, which will assist with refining the policy settings, before a larger rollout is undertaken.

The proposed changes come as WA’s housing construction market continues to grow strongly. In the 12 months to September 2024, more than 19,100 homes were built, the highest level in seven years. At the same time, building approvals have risen strongly reaching over 21,000 in 2024.

Comments attributed to Premier Roger Cook:

“Housing has been one of our top priorities during this term of Government, and these changes we’re proposing if re-elected will put home ownership within reach for thousands of Western Australians."

“We know shared equity is an important way the Government can ease the burden of trying to save for a new home, as well as making monthly mortgage repayments more affordable."

“This major boost will not only support lower income Western Australians into their own homes, it will also help to get more apartment developments off the ground sooner."

“We know housing supply and affordability is one of the critical issues facing our State and only WA Labor has the experience and the plan to deliver the homes we need.”