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WA government lender launches financial coaching program for struggling homeowners
Waikiki resident Katherine. Source: Keystart
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  • WA government-backed lender Keystart launches a financial coaching program to strengthen the financial resilience and well-being of participants
  • The initiative has been given money to run for another 12 months, and it is expected to serve another 200 consumers and provide over 1000 sessions
  • Katherine, a Waikiki resident, took part in the program's pilot and said it helped get her finances back on track
  • Keystart CEO Paul Graham said the service builds financial resilience and wellbeing through individualised guidance and support

Today, WA government-backed lender Keystart has launched their Financial Coaching Program, which aims to help participants increase home equity, maintain increased repayments and help to understand their options.

The program, co-designed by Keystart and Anglicare WA, aims to strengthen financial resilience and wellbeing and will be delivered by the Financial Counselling Network. 

Keystart provides low-deposit and shared ownership loans, with the state government recently signing off on a 12-month extension of increased income limits.

Minister for Housing, John Carey, announced the official launch this morning alongside program designers, financial councillors and pilot program participants.

The initiative has been given money to run for another 12 months, and it is expected to serve another 200 consumers and provide over 1000 sessions. The program comprises up to six one-on-one, hour-long online sessions, with each session's need and focus determined by the participants.

Katherine, a Waikiki resident, took part in the program's pilot, explaining that her former spouse had left her utterly overwhelmed and in debt, and she was facing a lot of financial insecurity.

"My coach didn’t just look at my finances, they looked at the bigger picture and the whole situation, and they really gave me the confidence and tools to take control," she said.

"As someone who is a bit math adverse, I needed that person in my corner to help me overcome and really face some of the issues I had been avoiding. I was on a road to getting into real strife.

"But now, the way I look at my finances, the support I feel, and my whole life — it just feels on track. They listened and were there with me to turn things around. And I am just so grateful."

Keystart CEO Paul Graham said the service builds financial resilience and wellbeing through individualised guidance and support, using adaptable and flexible interactive tools.

"This is an innovative, proactive, and people-focused approach to supporting Western Australian homeowners," he said.

"The extension of this program for another 12-months will allow us to make financial education and empowerment opportunities available to more customers."

Anglicare WA CEO Mark Glasson said buying a home is a significant life event, and the program will help participants improve their financial wellbeing.

"As well as providing financial challenges, it is also an opportunity to get people thinking about managing their finances, creating positive habits, and building financial resilience," he said.

"The Financial Coaching Program was co-designed to support Keystart customers with individualised practical support to building confidence and drive financial behaviour change."

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