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Why choose HomeStart?
Start something great
with HomeStart
Choosing the right home loan is an important part of the home buying process.
5 reasons why a HomeStart home loan could be the right choice for you:
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Get started:
1. Get started for less money upfront
Does buying a home seem a long way off? We’ll get you started for less money upfront, which can help you get into a home of your own sooner, including an alternative to Lenders Mortgage Insurance (LMI) and no monthly account keeping fees.
An alternative to Lenders Mortgage Insurance (LMI)
HomeStart has a Loan Provision Charge (LPC), which is significantly less than LMI for most borrowers.
Example: Compare LMI and LPC costs based on a $300,000 property*
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Lender
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Type
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LMI or LPC charge*
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Westpac
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LMI
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$6,503
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NAB
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LMI
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$5,403
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HomeStart
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LPC
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$985
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*LMI and LPC are approximate figures only, assumptions are based on property value of $300,000, loan amount of $285,000 which is 95% of the property value for a first home buyer. Different LPC apply for Construction and Seniors Equity Loans. Figures sourced online and are correct as at August 2011.
No monthly account keeping fees
HomeStart home loans have no monthly account keeping fees, so you can pay less in fees and more towards your loan.
2. Get started with as little as a 3% deposit
Struggling to get a deposit together? We’ll get you started with as little as a 3% deposit.
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Graduate Home Loan - Graduates (including uni, diploma, nurses, teachers, police) could be eligible for the Graduate Home Loan. Get started with a 3% deposit with the option to buy or build.
Compare HomeStart’s home loans to find out how you can get started sooner.
3. Borrow up to 35% more with us
Borrow more with HomeStart’s range of top up loans:
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Advantage Loan – if you’re on a limited income, this loan can help you borrow more
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Wyatt Loan – The Wyatt Benevolent Institution can help cover the start up costs of buying a home
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EquityStart Loan – current public housing tenants can borrow more with this additional loan
These loans can be combined with a HomeStart home loan to help you borrow more.
4. Manageable home loan repayments
HomeStart offers a range of home loan repayment options to help tailor a home loan to suit your needs.
Non-interest linked repayments
The Repayment Safeguard helps break the link between interest rates and repayment amount. We determine your initial repayments based on your financial situation and typically adjust what you pay once a year in line with inflation. This means in most cases, your repayment amount will only change every 12 months, giving you peace of mind knowing what your loan repayments will be month-to-month.
Interest rate options
Choose from a variable, fixed or split interest rate available on some home loans. Fixed rates are available for terms of 1, 2 or 3 years.
5. Proudly South Australian
HomeStart is proud to be a South Australian organisation. We only operate in SA, with branches in Adelaide and Whyalla, and a network of accredited HomeStart lenders located across metropolitan Adelaide suburbs and regional locations.
Find out more about HomeStart as an organisation, or contact us.
Wonder what it’s like to buy a home?
Watch these short videos of HomeStart customers talking about their home ownership journey, and why a HomeStart home loan was the right choice for them.
