So, you and Kat still saving for your first home?
Yeah. Feels like we’ve been saving forever.
Coming up with a deposit is slow going.
There’s something different about you.
I’ve been working out.

Get into your own home sooner

Saving up for your first home can seem like it’s taking forever. Wonder how you can get into your own home sooner?

  • From as little as a 3% deposit*

    Graduate home loan
    You’ve worked hard for your qualifications, now let them work for you. With deposits from just 3% to buy and 6% to build, our Graduate Home Loan can get you into your own home sooner. Eligible graduates include those with a Certificate III/IV, diploma, bachelor degree or higher qualification.

    First home buyers looking to build their own home can apply for grants in South Australia. This includes the $15,000 First Home Owners Grant (new home or building only). We will help you apply for this grant, which can be put toward your deposit, fees and charges, and can reduce what you need to pay upfront.

    Low Deposit Loan
    Not a graduate? You could buy a home with a Low Deposit Loan with as little as a 3% deposit.

    There are other fees and charges on top of the deposit amount to save up for, including the government stamp duty. Work out how much you could borrow, and the fees and charges, with our How Much Can I Borrow calculator.

  • One of the biggest charges most lenders apply to a low deposit home loan is something called Lenders Mortgage Insurance (LMI). It’s an insurance that you pay to protect your lender in case you default on your loan and it can cost you big bucks.

    Here at HomeStart we have a Loan Provision Charge (LPC) instead which costs a lot less for most customers. You can use that saving to reduce your loan size or borrow more. Either way, with HomeStart you could be moving into your own home a lot sooner.

    Example: Compare LMI and LPC costs based on a $300,000 property*

    Lender Type LMI or LPC charge*
    Westpac LMI $7,542.00
    ANZ LMI $7,934.23
    HomeStart LPC $1,195.00
    *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 June 2014
  • Borrow more without increasing your monthly repayments

    HomeStart's range of top up loans can be added to a HomeStart loan to boost your borrowing power. This gives you more options when house hunting to choose a better location or bigger home to better suit your family. With most top up loans, there’s no need to make any repayments until your primary HomeStart loan has been fully paid.

* Terms, conditions, eligibility criteria, fees and charges apply. 
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