The HomeStart home loan is accessible anywhere and to anyone in South Australia. You can buy an existing home with as low as a 5 per cent deposit or put 8 per cent down to construct a new house from the ground up. The HomeStart finance provision charge will replace the LMI (Lender’s Mortgage Insurance), which generally accompanies these sorts of low-deposit mortgages.

You can decide whether you want a variable, split or fixed interest rate for your home loan. You can make up to $10,000 repayment on a fixed-rate loan or unlimited additional repayments during a variable rate period. Even for variable rate finance, a redraw facility is available.

HomeStart Finance: A Quick Introduction

It was started in 1989 by the South Australian Government. HomeStart offers home loans with an innovative repayment system, a lower initial deposit and fewer upfront costs that holds monthly repayments at a steady amount despite fluctuations in variate interest rates. 

HomeStart Finance Offers A Range Of Home Loan Products.

Home Equity Loan. Existing HomeStart patrons may entitle to tap into their home’s equity to finance particular home renovation projects. These could include central installations such as HVAC systems and landscaping projects.

Seniors Equity Loan. The seniors home equity loan is a reverse mortgage. South Australian seniors can leverage the equity of their existing property and get the financing they need. 

Borrowing Boost Loan. These loan products are designed to help you get a deposit together with or expand your borrowing capacity. Advantage loan, Shared Equity option, Starter Loan and Wyatt Loan are some of the choices you can explore.

How To Apply For HomeStart Home Loan?

If you would like to apply for HomeStart finance, let’s connect for a no-obligation consultation. In general, you require the following documentation when applying.

  • Income. Information concerning all of your household income, including any Centrelink income.
  • Employment. The duration and nature of your employment, such as part-time or full-time.
  • Debt. Other financial liabilities you have, including credit card and loan debts.

 

HomeStart will also ask for a phone interview to evaluate your eligibility for one of their home loan products. They will require you to fulfil the following criteria:

  • Savings. You must have an excellent rental record for the previous 12 months or a minimum of $3000 in savings.
  • Age. You must be at least 18 years of age.
  • Residence. You must be buying a residential property in Southern Australia.
Let's connect for a quick consultation to understand your requirements and evaluate whether HomeStart Finance is a suitable option for you to buy your first home in Adelaide.