❓ WA Parliamentary Question on Notice regarding Keystart loan applications, approvals, hardship requests, arrears, repossessions, repayments, loan values and transitions between 2019-2024. The response provides aggregated data but lacks a breakdown by loan type as requested.
AnsweredQoN 2005Legislative Council
QuestionView source ↗
I refer to Keystart, and I ask: (a) for each of the following years, how many Keystart loans have been applied for, per each loan type: (i) 2019-20; (ii) 2020-21; (iii) 2021-22; (iv) 2022-23; and (v) 2023-24 (to date); (b) for each of the years in (a), how many Keystart loans were approved, per each loan type; (c) for each of the years in (a), how many requests for hardship were received, per loan type; (d) for each of the years in (a), how many customers were 30 days or more in arrears, per each loan type; (e) for each of the years in (a), how many customers were 90 days or more in arrears, per each loan type; (f) for each of the years in (a), how many repossessions occurred, per each loan type; (g) for each of the years in (a), what was the average monthly repayment as of 30 June, per each loan type; (h) for each of the years in (a), how many loans were active, per each loan type; (i) for each of the years in (a), what was the total value of loans, per each loan type; (j) for each of the years in (a), how many loans transitioned to other lenders, per each loan type; and (k) for each of the years in (a), what percentage of total Keystart loans transitioned to other lenders that year?
AnswerView source ↗
Answered
16 May 2024
Responded by
Minister for Agriculture and Food representing the Minister for Housing
Response time
8 days
(a) (i-v)
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 size of the loan portfolio expands and contracts in line with the market, that is when property prices are rising, customers transition sooner. Over the last two years due to significant increases in equity, more customers have successfully transitioned to a traditional lender than ever before.
New loans to first home buyers have been affected by an unprecedented 13 increases in the Official Cash Rate by the Reserve Bank of Australia in 18 months.
The table below represents total number of Keystart loans across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’ for the years requested.
As at date
Total
30/06/2019
3,459
30/06/2020
4,532
30/06/2021
5,680
30/06/2022
3,315
30/04/2024
611
(b) The below table represents the total loans approved across the loan types outlined in ‘Part a’ for the years requested.
As at date
Total
30/06/2019
2,294
30/06/2020
2,819
30/06/2021
3,981
30/06/2022
2,520
30/06/2023
949
30/04/2024
363
(c) The below table represents the total number of hardship requests received across the loan types outlined in ‘Part a’ for the years requested.
As at date
Total*
30/06/2019
691
30/06/2020
3,592
30/06/2021
1,911
30/06/2022
1,627
30/06/2023
1,719
30/04/2024
1,388
Includes withdrawn and declined requests , and multiple requests from the same customers.
(d) The below table represents the total number of accounts that were 30 days or more in arrears across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
218
30/06/2020
221
30/06/2021
522
30/06/2022
399
30/06/2023
941
31/03/2024
748
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.
(e) The below table represents the total number of accounts that were 90 days or more in arrears across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
93
30/06/2020
115
30/06/2021
221
30/06/2022
199
30/06/2023
567
31/03/2024
492
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.
(f) The below table represents the total number of accounts that were classified as mortgagee in possession across the loan types outlined in ‘Part A’ for the years requested.
As At Date
Total
30/06/2019
147
30/06/2020
122
30/06/2021
69
30/06/2022
33
30/06/2023
21
31/03/2024
12
Includes customer-initiated mortgagee in possessions.
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.
(g) The below table represents the average minimum monthly repayment across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Low Deposit
A$
Shared Ownership
A$
Access
A$
Aboriginal Home Loans
A$
Rural
A$
Urban Connect A$
30/06/2019
1,873
1.007
677
1,185
2,796
0
30/06/2020
1,731
942
653
1,140
2,670
0
30/06/2021
1,711
961
668
1,138
2,761
0
30/06/2022
1,486
956
687
1,161
2,816
0
30/06/2023
1,921
1,221
910
1,456
3,383
3,038
31/03/2024
1,892
1,188
904
1,420
3,390
2,646
(h) The below table represents the number of active loans across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
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
31/03/2024
9,702
(i) The below table represents the balance of active loans across the loan types outlined in ‘Part a’ for the years requested. The values are in $million.
As At Date
Total
$m
30/06/2019
4,490
30/06/2020
4,974
30/06/2021
5,272
30/06/2022
4,044
30/06/2023
2,762
31/03/2024
2,276
(j) The below table represents the number of loans that transitioned to other lenders across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
600
30/06/2020
679
30/06/2021
1,748
30/06/2022
5,431
30/06/2023
4,936
31/03/2024
1,779
(k) The below table represents the percentage of total Keystart loans that transitioned to other lenders for the years requested.
As At Date
Total % of Keystart loan
30/6/2019
4.19%
30/06/2020
4.37%
30/06/2021
10.22%
30/06/2022
29.27%
30/06/2023
30.45%
31/03/2024
15.36%
The total percentage of Keystart loans is calculated based on the total Keystart loans transitioned to other lenders divided by total number of active accounts at the end of prior financial year.
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 size of the loan portfolio expands and contracts in line with the market, that is when property prices are rising, customers transition sooner. Over the last two years due to significant increases in equity, more customers have successfully transitioned to a traditional lender than ever before.
New loans to first home buyers have been affected by an unprecedented 13 increases in the Official Cash Rate by the Reserve Bank of Australia in 18 months.
The table below represents total number of Keystart loans across the loan types of ‘Low Deposit’, ‘Shared Ownership’, ‘Access’, ‘Aboriginal Home Loans’, ‘Rural’, and ‘Urban Connect’ for the years requested.
As at date
Total
30/06/2019
3,459
30/06/2020
4,532
30/06/2021
5,680
30/06/2022
3,315
30/04/2024
611
(b) The below table represents the total loans approved across the loan types outlined in ‘Part a’ for the years requested.
As at date
Total
30/06/2019
2,294
30/06/2020
2,819
30/06/2021
3,981
30/06/2022
2,520
30/06/2023
949
30/04/2024
363
(c) The below table represents the total number of hardship requests received across the loan types outlined in ‘Part a’ for the years requested.
As at date
Total*
30/06/2019
691
30/06/2020
3,592
30/06/2021
1,911
30/06/2022
1,627
30/06/2023
1,719
30/04/2024
1,388
Includes withdrawn and declined requests , and multiple requests from the same customers.
(d) The below table represents the total number of accounts that were 30 days or more in arrears across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
218
30/06/2020
221
30/06/2021
522
30/06/2022
399
30/06/2023
941
31/03/2024
748
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.
(e) The below table represents the total number of accounts that were 90 days or more in arrears across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
93
30/06/2020
115
30/06/2021
221
30/06/2022
199
30/06/2023
567
31/03/2024
492
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.
(f) The below table represents the total number of accounts that were classified as mortgagee in possession across the loan types outlined in ‘Part A’ for the years requested.
As At Date
Total
30/06/2019
147
30/06/2020
122
30/06/2021
69
30/06/2022
33
30/06/2023
21
31/03/2024
12
Includes customer-initiated mortgagee in possessions.
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.
(g) The below table represents the average minimum monthly repayment across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Low Deposit
A$
Shared Ownership
A$
Access
A$
Aboriginal Home Loans
A$
Rural
A$
Urban Connect A$
30/06/2019
1,873
1.007
677
1,185
2,796
0
30/06/2020
1,731
942
653
1,140
2,670
0
30/06/2021
1,711
961
668
1,138
2,761
0
30/06/2022
1,486
956
687
1,161
2,816
0
30/06/2023
1,921
1,221
910
1,456
3,383
3,038
31/03/2024
1,892
1,188
904
1,420
3,390
2,646
(h) The below table represents the number of active loans across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
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
31/03/2024
9,702
(i) The below table represents the balance of active loans across the loan types outlined in ‘Part a’ for the years requested. The values are in $million.
As At Date
Total
$m
30/06/2019
4,490
30/06/2020
4,974
30/06/2021
5,272
30/06/2022
4,044
30/06/2023
2,762
31/03/2024
2,276
(j) The below table represents the number of loans that transitioned to other lenders across the loan types outlined in ‘Part a’ for the years requested.
As At Date
Total
30/06/2019
600
30/06/2020
679
30/06/2021
1,748
30/06/2022
5,431
30/06/2023
4,936
31/03/2024
1,779
(k) The below table represents the percentage of total Keystart loans that transitioned to other lenders for the years requested.
As At Date
Total % of Keystart loan
30/6/2019
4.19%
30/06/2020
4.37%
30/06/2021
10.22%
30/06/2022
29.27%
30/06/2023
30.45%
31/03/2024
15.36%
The total percentage of Keystart loans is calculated based on the total Keystart loans transitioned to other lenders divided by total number of active accounts at the end of prior financial year.
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