Why Choose HomeStart?

1. You could save thousands of dollars with no Lender's Mortgage Insurance

There's no need to worry about paying out thousands of dollars for Lender's Mortgage Insurance.
 
That's because at HomeStart we don't require our customers to purchase Lender's Mortgage Insurance, ultimately saving them money!
 
Most financial institutions require their customers to purchase Lender's Mortgage Insurance to insure the lender against loss on default or non payment under a mortgage finance arrangement. The customer does not receive any benefit and in most cases, the Lender's Mortgage Insurance premium is required up front or is added to the loan amount.
 
HomeStart does have a Loan Provision Charge which is significantly less than Lenders Mortgage Insurance for most borrowers.

2. What is the Repayment Safeguard?  

At HomeStart we do things differently from other financial institutions, including the way we determine your home loan repayments. We break the link between interest rates and repayment amount; this is called our Repayment Safeguard. We determine your initial repayments based on your income and typically adjust what you pay once a year in line with inflation.

If there are times when the interest charged to your loan is more than your repayment amount, you can choose to make voluntary repayments to your loan so that your loan balance won’t increase.  If you continue to repay at the levels set by HomeStart, you’ll have the peace of mind of knowing that over time your loan will be paid off in full.

3. Low deposit loans available

Not sure if you have enough money saved for a deposit? Home ownership could still be in your reach.

Low Deposit Loan
HomeStart's Low Deposit Loan is one great solution to help you on your way to home ownership sooner, even if you don't have a lot of savings.

100% Graduate Loan
And if you’re a graduate, the Graduate Loan offers up to 100% of the purchase price or property value (whichever is less), so you could get into your own place with little or no deposit.

4. No monthly account keeping fees

Unlike other financial organisations, HomeStart does not charge monthly account keeping fees. HomeStart aims to make mortgage payments more affordable for all South Australians, so when you choose us, you may pay less in fees and more towards your loan amount, enabling you to pay off your mortgage faster.

This is just another way we are putting smiles on faces.

5. HomeStart’s Repayment Holiday

HomeStart’s Repayment Holiday feature allows you to temporarily reduce or suspend your regular loan repayments.

If you would like to activate this feature or require more information about HomeStart’s Repayment Holiday, call 8203 4000 or free call 1800 018 788 from regional locations.

To access HomeStart’s Repayment Holiday feature, your monthly loan repayment must exceed the minimum amount required. HomeStart’s Repayment Holiday is available to selected customers only and may extend the remaining loan term.

Terms, conditions and eligibility criteria apply. Fees and charges are payable.