FAQ

What is the basic eligibility criteria needed to apply for a HomeStart Loan?

To be eligible for a home loan from HomeStart you must:

• Be over 18 years of age
• Have a regular income (this can include Centrelink benefits)
• Have permanent residence status or citizenship in Australia
• Be purchasing a home within South Australia and planning to reside in it

Other criteria may apply depending on which home loan solution is right for you.

I'm not a first homebuyer. Am I still eligible for a HomeStart Loan?

Yes, as long as you meet HomeStart's eligibility criteria.

How much can I potentially borrow?

It may be possible for eligible applicants to borrow between 3.6 and 4.2 times their income.

And if you choose to go with the Breakthrough Loan, the amount that you borrow can be even higher.

How can I get an idea of how much I might be able to borrow?

With HomeStart's Borrowing Calculator, you can see how much you might be able to borrow. All you need to know to use the calculator is your yearly income (before tax) and any debt that you may have.

What fees are associated with a home loan?

There are a number of fees associated with taking out a home loan that may be charged by HomeStart.

These may include:

• Establishment fees
• Valuation fees
• Early repayment fees

In addition, there can be further government charges, such as stamp duty on purchasing your new home, stamp duty on the mortgage, search fees and registration fees.

A list of all fees and charges will be provided when enquiring about a home loan so there are no unexpected surprises.

Am I eligible for the $7,000 First Home Owner Grant?

To check if you are eligible for the First Home Owner Grant visit the RevenueSA website.

What is the difference between variable and fixed interest rates?

A variable interest rate is a rate that varies in accordance with money market rates.

A Fixed Interest Rate is a rate that remains unchanged for a set period of time.

I have a loan elsewhere, can I switch to HomeStart?

HomeStart loans are not just for first home buyers. If your lifestyle has changed or you are interested in renovating or perhaps debt consolidating, HomeStart may be able to refinance your existing home loan with another financial institution into a HomeStart loan. This way you can then enjoy the benefits of the repayment safety net.

What do I need to do to apply for a home loan?

To apply for a home loan you first need to contact HomeStart on 8203 4000. Before you call, make sure you have an idea of how much you are earning and any debts that you are repaying so that our customer service consultants can provide you with an estimate of how much you may be able to borrow.

The next step is to meet with one of our loan consultants. Prior to this appointment, an information pack will be sent to you which includes a checklist of what you will need to provide at your interview.

How can I find out more information?

To discuss your needs or get a start on your loan pre-approval just call 8203 4000 or Freecall 1800 018 788 from regional locations.

You can also lodge a web query via our Contact Us page.