HomeStart exists to provide a pathway to home ownership for South Australians who may not be able to get a home loan with other, more traditional lenders.
We know we’re just the start of your home ownership journey. After a few years with us, the equity in your home may have increased, allowing you to refinance your loan to another lender with terms that better align to your current financial needs. This also allows us to continue helping those who need it most.
Regularly reviewing your financial situation and taking advantage of one of the competitive home loan offers in the market could save you money over the long term, or better suit your changing needs.
How do you know if you’re ready to refinance to another lender?
If you have a good repayment history and a reasonable amount of equity in your home, you may meet the lending criteria of other lenders and be ready to move on from HomeStart.
You create equity in your home by paying off some of your home loan balance or when your home has increased in value. The more equity you have the easier it will be to refinance.
How to find another lender
If you are unsure about what is involved with refinancing, or are worried that it’s too difficult, talking to a Mortgage Broker or contacting another lender directly can help. The process may be online, over the phone, in branch or via a mobile lender/broker.
HomeStart recommends that you seek your own independent financial and/or legal advice prior to making decisions about your financial needs.
