❓ Mr. Bowler questions the Liberal-National government's performance on affordable housing via the Keystart scheme, particularly in regional areas. Mr. Marmion responds by highlighting increased Keystart lending and stricter eligibility criteria under the current government, while also mentioning regional housing initiatives.
AnsweredQoN 776Legislative Assembly
QuestionView source ↗
KEYSTART HOUSING SCHEME
Keystart has been an important player helping Western Australians to access affordable housing. I am interested to hear how the Liberal–National government has performed in this area over the past two years, particularly in the regions and especially in my electorate of Kalgoorlie. Mr W.R. MARMION
Keystart has been an important player helping Western Australians to access affordable housing. I am interested to hear how the Liberal–National government has performed in this area over the past two years, particularly in the regions and especially in my electorate of Kalgoorlie. Mr W.R. MARMION
AnswerView source ↗
I thank the member for Kalgoorlie for this very important question. Yes, Keystart is vital for affordable housing in Western Australia. I can advise that it is difficult to compare exactly the performance in the regions per se, because under the former government all the statistics included Mandurah as a regional area. However, I will provide the member with the exact stats later, although, as he knows, this is not current practice. In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION replied: I thank the member for Kalgoorlie for this very important question. Yes, Keystart is vital for affordable housing in Western Australia. I can advise that it is difficult to compare exactly the performance in the regions per se, because under the former government all the statistics included Mandurah as a regional area. However, I will provide the member with the exact stats later, although, as he knows, this is not current practice. In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
I thank the member for Kalgoorlie for this very important question. Yes, Keystart is vital for affordable housing in Western Australia. I can advise that it is difficult to compare exactly the performance in the regions per se, because under the former government all the statistics included Mandurah as a regional area. However, I will provide the member with the exact stats later, although, as he knows, this is not current practice. In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION replied: I thank the member for Kalgoorlie for this very important question. Yes, Keystart is vital for affordable housing in Western Australia. I can advise that it is difficult to compare exactly the performance in the regions per se, because under the former government all the statistics included Mandurah as a regional area. However, I will provide the member with the exact stats later, although, as he knows, this is not current practice. In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
I thank the member for Kalgoorlie for this very important question. Yes, Keystart is vital for affordable housing in Western Australia. I can advise that it is difficult to compare exactly the performance in the regions per se, because under the former government all the statistics included Mandurah as a regional area. However, I will provide the member with the exact stats later, although, as he knows, this is not current practice. In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
In terms of the stats, from October 2006 to September 2007, 1 816 Keystart loans were approved. From October 2007 to September 2008, 3 296 Keystart loans were approved. Over the two years prior to the Liberals coming into office, about 5 000 Keystart loans were approved. Hence, on coming into government, and on the back of the global financial crisis, the Liberal–National government increased Keystart lending from $1.5 billion to $4 billion; that is an increase of $2.5 billion. This occurred as part of a deliberate policy to support the local building industry and to stimulate the economy in light of the global financial crisis. Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Under this government, the lending criteria for Keystart were focused on people most in need—that is, those earning $70 000 or less if single or $90 000 or less if a couple. Under the former government, families could be earning up to $170 000 a year and still have access to Keystart. In the two years since coming into office, we have granted 10 000 new loans; that is twice as many as were granted under the former government for the same period. That is 10 000 more families who would not have been able to purchase homes through private financial institutions. This policy has helped to free up more private rental houses and public houses for many people who are or were on the waiting list. Importantly, at the end of 2009 when the housing industry in WA was under severe stress due to the drying up of bank finance, Keystart accounted for about 20 per cent of the loans granted for new housing starts in WA. Hence, Mr Speaker, Keystart was a major factor in supporting building in WA. It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
It is noted that in the past 12 months, there has been an easing in the uptake of Keystart loans. This has been offset by an easing in regular bank lending. Notwithstanding that, I am focused on ensuring that Keystart retains a place as a lender for the most affordable housing sector. To this end, I have Treasury approval to increase finance for Keystart lending by another $500 million. Over the past two years, Keystart continued to loan funds when other banks were cutting back. Members might be very interested to know that Keystart’s arrears dropped during this period from 0.83 per cent in June 2008 to 0.38 per cent in June 2010. This compares with the private financial institution average arrears rate of 1.39 per cent. With numbers like this, we are the envy of financial institutions. I think Keystart is one of the unsung heroes of this state’s policy agenda and our response to the global financial crisis. Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Therefore, in the two years since this government came to power, we have not only undertaken the biggest social housing construction program that the state has ever seen, including 1 000 new houses coming on stream in the past 12 months, but also facilitated 10 000 WA families in purchasing their own home. I am considering further changes to the lending criteria and to affordable housing generally. The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The issue of the regions, as I mentioned — Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Several members interjected. The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The SPEAKER : Thank you, members! Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION : I am looking at the lending criteria in the regions and I expect advice from Keystart in ensuing weeks. As we know, this government has a great track record on regional housing. Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Several members interjected. The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
The SPEAKER : Members! Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
Mr W.R. MARMION : Examples are the 200 Government Regional Officers’ Housing homes we have recently built and the great work that we are doing through LandCorp and the Department of Housing in delivering regional land supply and housing.
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