❓ Hon Steve Martin asked about the number of active Keystart loans and the number of loans in arrears for specific dates. The Minister provided data on total active loans and total loans in arrears, citing interest rate rises as a factor in increased arrears.
AnsweredQoN 1865Legislative Council
QuestionView source ↗
I refer to Keystart, and I ask: (a) for each of the following dates, how many Keystart loans were active, per each loan type: (i) 30 June 2017; (ii) 30 June 2018; (iii) 30 June 2019; (iv) 30 June 2020; (v) 30 June 2021; (vi) 30 June 2022; (vii) 30 June 2023; (viii) 30 December 2023; and (ix) 30 January 2024; and (b) for each of the dates in (a), how many loans were one month or more behind in repayments, per each loan type?
AnswerView source ↗
Answered
16 April 2024
Responded by
Minister for Agriculture and Food representing the Minister for Housing
Response time
9 days
(a)
Keystart has supported more than 120,000 Western Australians to achieve their home ownership goals since it was established in 1989.
As a transitional lender, Keystart exists to enable more Western Australians to get into the housing market and provides options to flexibly transition out of Keystart or make other arrangements.
The below table represents total active loans across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’.
As At Date
Total
30/06/2017
12,630
30/06/2018
14,320
30/06/2019
15,548
30/06/2020
17,100
30/06/2021
18,555
30/06/2022
16,212
30/06/2023
11,582
31/12/2023
10,250
31/01/2024
10,064
(b)
Due to an unprecedented series of interest rate rises since May 2022, all lenders around the country experienced an increase in arrears. Keystart is required to comply with the terms of the National Credit Code in relation to customers who are experiencing financial difficulty.
Keystart additionally offers a range of support services for customers experiencing hardship including case management, free financial tools and guides, financial coaching services, free counselling services, individual case management, as well as implementing a hardship assistance policy to allow further time for customers to adjust their finances and get back on track with payments.
Additionally, Keystart can discuss a range of options, tailored for each customer’s unique situation that may include a temporary reduction in repayments and extending the loan term.
The below table represents total loans in more than one month of arrears across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’.
As At Date
Total
30/06/2017
218
30/06/2018
217
30/06/2019
218
30/06/2020
221
30/06/2021
522
30/06/2022
399
30/06/2023
941
31/12/2023
746
31/01/2024
763
Keystart has supported more than 120,000 Western Australians to achieve their home ownership goals since it was established in 1989.
As a transitional lender, Keystart exists to enable more Western Australians to get into the housing market and provides options to flexibly transition out of Keystart or make other arrangements.
The below table represents total active loans across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’.
As At Date
Total
30/06/2017
12,630
30/06/2018
14,320
30/06/2019
15,548
30/06/2020
17,100
30/06/2021
18,555
30/06/2022
16,212
30/06/2023
11,582
31/12/2023
10,250
31/01/2024
10,064
(b)
Due to an unprecedented series of interest rate rises since May 2022, all lenders around the country experienced an increase in arrears. Keystart is required to comply with the terms of the National Credit Code in relation to customers who are experiencing financial difficulty.
Keystart additionally offers a range of support services for customers experiencing hardship including case management, free financial tools and guides, financial coaching services, free counselling services, individual case management, as well as implementing a hardship assistance policy to allow further time for customers to adjust their finances and get back on track with payments.
Additionally, Keystart can discuss a range of options, tailored for each customer’s unique situation that may include a temporary reduction in repayments and extending the loan term.
The below table represents total loans in more than one month of arrears across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’.
As At Date
Total
30/06/2017
218
30/06/2018
217
30/06/2019
218
30/06/2020
221
30/06/2021
522
30/06/2022
399
30/06/2023
941
31/12/2023
746
31/01/2024
763
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