Keystart Home Loans Review

Thank you keystart for helping me get into my first home.
Staff were helpful and professional at all times and explained each step of the process to me.

We are GREATFUL for they giving us a step into the door. But the rates are too hard to pay back. And with the market the way it is any it feels like we will never get out. Just seems like your taken us for a ride. And as a Government owned and operated lower rates should be a given in times of market down turn to help the the people you wanted to from the start. I would love to no your profit from the family that are paying. And doing the right thing. And i No not all load holders are making there payment and that doesn't help but for the ones that are doing there best should see a break on rates to help them get out of keystart so they can have a fair shot to get ahead and not just pay more then needed to make your lifes better in the long run

I would never recommend!
Should you have no choice but to go with them, please do yourself a favour and give them the flick as soon as you can!!
Furthermore, forget doing improvements to your home, wait till you're with a major lender as they money you spend will never be credited back fairly.
Issues with them include: Endless delays, you have to wait weeks before you hear from them if you do at all, even after you constantly chase them.
Seems communication with the customer is not their forte.
Internal communication is even worse.
Incorrect information given too many times. May be a case of 'Too many hands in the pie'.
Not to mention their current (really high) rate.
Avoid if you can.

I'm extremely happy with keystart, communication is excellent, the process of home ownership was carefree I found everyone helpful and they continue to be helpful in every aspect, I'm very grateful for them and making my forever home a reality.

Have been trying To buy a home, Goalposts move day to day really am tired of trying to get anywhere with this mob. Secondly the housing choices and locations are in areas with limited to almost no growth potential.

Wont help you at all. Useless place will not recommend.

Had a great experience getting a home loan through Keystart, all the terms and conditions were well explained. Yes you pay a little higher interest rate, however the deposit is lower and no mortgage insurance needed. Can t thank Radloff enough for his customer service and help throughout the process of obtaining approval through to settlement.

Have been with Keystart for many years. They started off great. Redrawing was never an issue just a simple phone call. Im almost 170k in advance in my payments. I asked for 5k back as I would like to do some work on my house and was denied. Apparently they have changed the re draw policy. Thats not the contract I signed. Off to Westpac now bye bye

Regardless of reviews and previous ratings i would go for 5 star rating, though it s taking time but i can understand they are the only one lender with low deposits.

Mine is still taking time, submitted all required and waiting for just formal approval anytime. They will ask for some documents before and eventually if satisfactory will proceed with loan. Mine process wasn t frustrating but bit longer, but i respect and putting myself in their place, with no mortgage insaurance and low deposit they will go thoroughly.

So expect and be ready, but that will end soon. Like mine just waiting to hear good news any minute.

Thanks for service

Warning
make sure this financial service provider can protect your privacy.
Key start(the FSP) lost my title deed around 20 years ago. The regulator who I complaint to AFCA seem to think this is OK,
they provided AFCA with phone recordings that were not complete it would appear the are to suit the FSP,
I have asked AFCA for the complete phone conversations from the FSP these would prove to AFCA how inappropriate the FSP have acted and to myself I have been wronged.

I have dealt with a case manager with this firm and in my opinion, they are very misleading. I have a complaint open running now for 4years with CIO/AFCA in relation to Keystart document keeping. I have sustained huge finical losses in the 7 figures
I was diagnosed with terminal cancer and trying to deal with these guys internal and external (AFCA) investigations is a shambles.
AFCA took 3years to provide a review. the review stated I did not provide proof of losses so I did then a determination was provided the ombudsman stated the bank paid for a debt and applied the charges to the loan this never happened HOW misleading the watch dogs are AFCA.

I have asked the FSP and AFCA for explanations as I am entailed to.
To date in my 4 year into the review (I was told this would take 6months) now I still have no reply as to an explanation.
The case has gone to AFCA's legal and service review with no answers except them stating the Ombudsman will need to answer the determination

I believe both parties are waiting for me to get bored or pass away.
Make sure your title deeds are safe, Keystart lost my title dead's.
I had a agreement date for settlement a legal document the FSP(keystart) had plenty of time to put in place new documents but they stated legal action 2 days after I received the settlement document, legal action was for $350.00 dollars then a couple of days before settlement was to occur the Keystart asked for a settlement date (there was a settlement date set some 9-10 weeks prior)
I had to employ lawyers to sort out this problem and the lawyers had asked the FSP about the lost title deeds and the FSP would not answer this question.
Will update as more info comes to hand from external revue (AFCA)
Thankyou Keystart.

They are the worst when it comes to financial loaning for a new home, very unprofessional, with a legally signed contract by both parties changing in the middle of the process and pre-approval process for the second time with nit picking on details, absolutely outrageous.

Last year I applied for a Keystart loan. I wasn't earning enough. Worked hard, earnt $20,000 more this year. Applied for a Keystart loan. Met all the criteria , was invited to ring the sales people to take the process further, so they ask for the current year and previous year income.......one thing they don't mention ANYWHERE until you get to this stage is that they take the lowest annual earnings of the two and do their calculations on that, which of course were last years earnings so of course I don't qualify...... again. Keystart - the logical process would be to add the two together and take the average of both or at least give that information in the initial "do I qualify' process. So thanks, for making me feel like I had a chance this year and then kicking me in the guts...again

Would not recommend at all! If you don't have enough deposit to go with main stream bank... it means you are not ready for the home loan. Don't get yourself into the trap and suffer like me... I am paying nearly $500 extra interest every month to keystart with compare to any other traditional bank. EXTRA $500 (only for a loan amount of $370k) is insane.
You should please wait, get enough deposit and go with a main stream bank.

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 prohibitive.

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.

Rude customer service, trying to manipulate people and judging thru phone conversation. It s unbelievable that this company hiring this kind of employee.

horrific customer service and now borrowing capacity has been lowered, keystart say its due to the royal commission. I truely believe the Government should be making it easier for families to get a home. Keystart should be the lender for wa families to get a home. The government does not care about its people and neither does keystart. The rich get richer and the poor get poorer, gone are the days of white picket fences.

I have nothing but praise for Keystart.
I would never have been able to get in to my own home otherwise.
They are extremely understanding and very helpful.

You don't have to have much of a deposit but for the next 3 years I have to stay with keystart.They don't really help you out with the interest rate,at 5plus percent.So they not really helping you out.

Last time I shared my experience with Keystart on a product review website, Keystart successfully had it taken down despite me offering to revise a statement in my review before they had it removed, and after they falsely accused me of trying to imply something I wasn't implying at all - I was stating my reaction to a factual event which was driven by my recent dealings with them.
However I could see from their misinterpretation and response, how I could further revise the statement as to avoid the risk of Keystart's misinterpretation being repeated by website visitors...
in short to wrap this up and to avoid Keystart successfully having this review removed - I find the product overpriced in the current lending environment and Keystart uncooperative to adopt strategies which customers of other banks receive from their banks in exchange for the similarly priced high interest rates to pay down the principal and thereby in my case the negative equity position off faster as to exit the arguably expensive scheme and for other bank customers, to refinance to a much more competitive lending product.

Would not recommend at all. Very dodgy. Poor communication. Making up expectations along the way rather than being up front and clear. Ended up walking away, save your time and go elsewhere. Would give 0 stars if it was an option . 0/10

even thou you provide low deposit loan, how can you be proud of the rest of your product. How can your administrators sleep at night. Your product take's a new person, couple or family and rips them of 10sss of thousands of $$$. Don't do it! find the 10% and pay the mortgage insurance or better more save the 20%.

Keystart is broken and should be fixed or shut down..

If it wasn t for keystart I d probably be renting forever! Ever so grateful, thanks!!

I have found trying to build my 1st house a nightmare. Instead of helping it's a very drawn out stressful never ending documents they want. I signed up with WA building on 12.06.20 and I'm still going through the process. I've given everything to keystart now state revenue office want stat declaration for the same things that my documents show ???? Beginning to wish I never decided to get my own place such a headache.

Key Start are taking way too long and causing unnecessary stresses on applicants.

Keystart have been nothing but wonderful to me! I had a marriage breakdown and had no income for a year and keystart supported me 100%. I had options and they made it very clear that I would never lose my home. Now my life is back on track and because of keystart's care, I am still in my home and am in front on my mortgage again! WAY more empathetic and understanding than a bank! Thanks guys!!! :)

No problem at all! infairness to KeyStart
just want to say thank you for making our dream HOME came true from start to finished no problem at all

First home buyer! Very happy with Keystart, they were the only people that would help get my foot in the door

Thank you so much :)

Brilliant customer care and response on emails/calls. My application handled by Mario who provided magnificent service. I know the rate high but good for the start with low deposit.ta

very pleased that the wa government offer this scheme.it's changed my life so much for the better having a place of my own,and not renting from pain in the butt landlords.not seeing my money going down the drain anymore.keystart are a little lax when it comes to customer service,but hey,much better than answering to a real estate agent or landlord.

Keystart need to start lowering their interest rates a bit other wise they are going to find a lot of people re-finacing due to the falling market

The actual application process is very drawn out and extremely stressfull but they have been nothing but helpful. Id heard terrible things so I was sceptical but I've nothing but a great experience and and am so greatful I was able to get into my own home as I'm a single mum with 2 kids.

Keystart tout themselves as a transitional lender and advertise that they encourage owners to refinance when possible. This has not been my experience at all. My husband and I have worked really hard saving and have gone through months of processes in order to refinance. Over a month ago we handed in our mortgage discharge papers, and from what I understand since then keystart and the housing authority have done nothing with those papers. When a settlement date was requested, they now advise that they will most likely need another further 6 weeks to process my mortgage discharge and will not name a settlement date. There has been no explanation and no apology from keystart, and we're inevitably trapped in this mortgage until my settlement agent receives a response. I'm so upset I ever signed up with keystart, it was so easy to process the initial mortgage, but now when it comes time to leave it's been nothing torture.

Have found them very helpful and easy to deal with. Yes you pay a higher interest rate but that should be made clear by a mortgage broker or by doing your own research, the interest rates arent hidden information.

We have re-financed with a bank now but would not have been able to start the journey without Keystart.

I am amazed by most of the coments pn this page.i have been a keystart customer for ten years you know when you sign up that the interest rate might be more but i would never have got a mortgage of anyone else's. My understanding was that keystart would get you into your first home then they welcome you to refinance when you can .freeing up money for them to lend it to someone else.I must have been lucky with my account supervisors and only ever had one negative phone conversation this was followed up by there supervisor ringing me back to rectify the issue.Just like anywere else there are good and bad customer service people but overall the experience with them has been very good

Great place for them to help you out to get ya foot in the door for a new home. I had some financial issues and they didn t judge and helped me heaps with my mortgage

Very frustrating process. We had 27 conditions to meet for formal approval. We met all of them. Then they asked for 4 more. We met them immediately and a week later they are asking for more different conditions to be met. I sent them back immediately again. Now I'm being told it will take another 3-5 days to look at our file. We have already had to ask for an extension on finance once and we are getting very close to the second deadline. I do not understand why the new information they keep asking for was not in the original conditions. The goal post just keeps moving with no rhyme or reason. I understand the need to be thorough, but ask for it the first time around. Don't keep adding more conditions after the fact.

My loan was looked after Ritesh soni. Ritesh has in depth knowledge of product he got us. Thank you Ritesh and keystart finance for providing prompt and professional service

Interest rate grossly excessive.. They justify this by not having to pay lenders mortgage insurance. Lender mortgage insurance was only $8000 with a big bank and the savings were $150 per fortnight for 30 years loan comparable to Keystart. Given alot of people are casual this means only Key start are an option and this results in a monopoly that manipulates people. If LMI is that important to Key start then offer it with a reduced interest rate. But no Keystart won't do that as they love rorting the people they supposedly help. This service really needs a government oversight inquiry, but given it is government lender I highly doubt this would happen.

Keystart is a good incentive .
However the vampires (builders) they associate with will give you nausea.

Jemma is fantastic. Super efficient and friendly. Whole transaction went smoothly because of her work rate and attitude.

Keystart - thank you for getting us into our own home , very patient and
worked with us to get what we wanted ,would recommend this company 100 % .

If your building through Keystart and you want to build the way you want and all stuff to improve the home. Good luck.

If your building contract is more then what the house is valued at then Keystart will not approve your loan.

Keystart will request you to remove items off your contract to meet the value.

Absolutely unfair.

Absolutely amazing - no way would i be in a house without Keystarts low deposits - however interest rates are high so if you have a deposit, go with P&N or your bank - mine is currently 1.5-2% higher than other advertised rates, i am currently in the process of moving on from keystart. and that purely because i have paid off enough and have enough in equity to switch. Goodluck future homebuyers.

WARNING TO ALL FIRST HOMEBUYERS.

If your builder/broker suggest going with Keystart, turn around and leave. No deposit home loans are awful and will keep you trapped. You cannot refinance with another lender without having at least a 95% loan to value ratio. It is too difficult to pay down your principal with Keystarts high interest rate and the property market is rubbish, therefore you will end up in a negative equity position and be locked in to such a high interest rate for any foreseeable future.

Keystart market themselves as a transitional lender, however there will be no transitioning for anyone who purchased a property within the last 5 years through Keystart or who will be unfortunate enough to fall into the governments recent property stimulus trap. Keystart suggest that they encourage customers to refinance when they are able to. This is the equivalent of seeing someone drowning and encouraging them to not drown when they are able to.

They will respond to this with their phone number and a generic contact us with your specific situation but Keystart are inflexible and will not negotiate on interest rate or tailor anything to a specific situation .

What interest rate are Keystart paying? Certainly less than 4.74% I bet. Prior to Covid-19 the property market was already sinking, now we are entering a recession, good luck for it increasing any time soon. It is appalling that Keystart will not lower their interest rate in line with market trends despite the struggles of new homeowners and are profiteering from the reserve banks low interest rate, whilst charging customers their inflated and inflexible interest rate.

And before you explain it, I know how Keystart comes to their interest rate figure. Repeating a company policy is useless when circumstances have changed. Keystarts interest rate policy was different back in 2009, so surely some changes should be made to reflect on WA s current situation (not just Covid-19 but the property market being rubbish and the reserve banks interest rate being at an all time low).

I also find it strange that Keystart undertake valuations on properties before they are built and yet here I am in a house that is worth $50,000 less than what I paid for it 4 years ago, despite my being over $10,000 in advance of my loan repayments.