HomeStart Finance Home Loans Review

What Home Loan Types Does HomeStart Have?

For any loan, you can choose a variable, fixed or split interest rate. Fixed rates are available for terms of 1-3 years.

Low-Deposit Loans (Primary Loans)

Graduate Loan

• Available to graduates with a Certificate III or higher qualification
• 2% deposit plus upfront costs to buy an established home, and a 5% deposit plus upfront costs to build a new home
• Redraw available if you have a variable loan and have made voluntary loan repayments

Low-Deposit Loan

• Good option for first-home buyers and next home buyers
• 3% deposit plus upfront costs to buy an established property
• Not available for construction

HomeStart Home Loan

• 5% deposit plus upfront costs to buy, and 8% deposit plus upfront costs to build
• You can buy an existing home, build, refinance, or buy land now and build later

Borrowing Boost Loans (Secondary Loans)

Shared Equity Option

• Available if you meet the requirements of a HomeStart primary loan
• Can borrow up to 25% of the purchase price as an interest-free and repayment-free loan
• Cannot be greater than the primary loan amount
• Not available for land-only purchases

Advantage Loan

• Additional loan of up to $70,000 for people earning under $65,000 a year
• Combined with HomeStart, Graduate or Low-Deposit loan to boost your borrowing power
• No additional repayments

Starter Loan

• Provides up to $10,000 to help you get into your home sooner
• Available if you qualify for a HomeStart primary loan, and have a net household income of less than $65,000 for singles and $90,000 for couples
• Offers a five-year period free of interest and repayments

Wyatt Loan

• Provides up to $12,000 to help you get started sooner
• Available if you’ve lived in South Australia for at least five years, and have a net household income of less than $47,500 a year
• Offers an interest and repayment free period of five years

Unlock Your Home’s Equity (Equity Access Loans)

Seniors Equity Loan

• Available if you are 60 or over and own your home
• The older you are, the more you can borrow

Home Equity Loan

• Available to fund house-related expenses and non-house related expenses
• Any non-housing related expenses cannot exceed $20,000 in a single transaction

You can check HomeStart’s calculators to determine:

• How much can you borrow?
• How large a deposit do you need?
• What are your repayments?

Eligibility Requirements

All applicants must meet the following requirements:

• Have a regular income
• Be over 18 years of age
• Be an Australian permanent resident or citizen
• Be purchasing, building or refinancing a home to be owner-occupied within South Australia
• Not in undischarged bankruptcy

Compare HomeStart With Other Lenders

Not sure which lender is right for you? Home Loan Experts’ mortgage brokers can help you find out about many lenders and loan products in the market. They can help you weigh up the benefits of HomeStart and other available lenders to determine what best suits your needs.

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.