Calculators

Calculators

How much can I borrow?

Your details

Your earnings

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$
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+ -

Financial commitments

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Your purchase

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How much deposit do I need?

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Your purchase

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LMI vs LPC

LMI (Lender’s Mortgage Insurance) is generally a one-off fee charged by lenders to home buyers who need to borrow more than 80% of the value of the property. This means that if you do not have a deposit of 20% of the property price, you’re probably going to have to pay LMI. HomeStart can provide loans from as little as 3% deposit and we do not charge LMI. Instead we have a Loan Provision Charge (LPC) which is significantly less than LMI.

Deposit

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$1k $100k

Property price

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$75k $750k

Save money by avoiding LMI

LMI: a once off fee charged by banks and credit unions when you have less than 20% deposit. LMI for a $400,000 property with a 5% deposit would be $14,174. LPC: the HomeStart charge instead of LMI. LPC for a $400,000 property with a 5% deposit is $1,425.

Congratulations

Based on your deposit you would not have to pay Lenders Mortgage Insurance, you would save $630 by financian with a bank or credit union

HomeStart LPC
LMI

HomeStart Home Loan and Advantage Loan*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

or boost your borrowing power

HomeStart Home Loan and Shared Equity Option*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

Graduate Loan and Advantage Loan*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

or boost your borrowing power

Graduate Loan and Shared Equity Option*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

Low Deposit Loan and Advantage Loan*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

or boost your borrowing power

Low Deposit Loan and Shared Equity Option*

Borrow up to $0

Based on fortnightly repayments of $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

HomeStart Home Loan and Advantage Loan*

Home deposit $0

Fees and Charges $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

Graduate Loan and Advantage Loan*

Home deposit $0

Fees and Charges $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

Low Deposit Loan and Advantage Loan*

Home deposit $0

Fees and Charges $0

Total contribution required * $0

Based on property value of $0,00 and an estimated loan term of 19 years and 3 months
* This amount includes the $15,000 First Home Owners Grant
Breakdown of this amount

HomeStart Home Loan and Advantage Loan*

Weekly repayments $0 for an estimated loan term of
19 years and 3 months

Fortnightly repayments $0 for an estimated loan term of
19 years and 3 months

Monthly repayments $0 for an estimated loan term of
19 years and 3 months

Graduate Loan and Advantage Loan*

Weekly repayments $0 for an estimated loan term of
19 years and 3 months

Fortnightly repayments $0 for an estimated loan term of
19 years and 3 months

Monthly repayments $0 for an estimated loan term of
19 years and 3 months

Low Deposit Loan and Advantage Loan*

Weekly repayments $0 for an estimated loan term of
19 years and 3 months

Fortnightly repayments $0 for an estimated loan term of
19 years and 3 months

Monthly repayments $0 for an estimated loan term of
19 years and 3 months

Please note our calculators show Stamp Duty included in the fees and charges in all cases. However, based on the recent announcement in the State Budget on the 15th of June 2023 first home buyers of new properties may be eligible for Stamp Duty relief. Please click here to check your eligibility while we work to update our calculators.

 

This calculation is not an offer of credit and is intended as a guide only. 


Privacy Statement
 

Fees and charges include establishment fee, valuation fee, conveyancing fees, settlement fee and government fees such as title search fees and stamp duty.
 

The Advantage Loan is combined with another HomeStart loan that suits your situation. No repayments are required until you have paid your HomeStart loan portion in full.
 

The Shared Equity Option is up to 25% of the purchase price as a repayment-free and interest-free loan.
 

Remember, to be eligible for a home loan with HomeStart you must:

  • Have a regular income, this can include your Centrelink benefits
  • Be over 18 years of age
  • Be an Australian permanent resident or an Australian citizen
  • Be purchasing a home within South Australia


^ Based on a total House and Land Package up to $320,000 (land cost of $130,000, build cost of $190,000) from a participating builder (includes $10,000 builder contribution). Also assumes customer is eligible for the First Home Owner Grant and HomeStart's Graduate Loan. Eligibility criteria, terms and conditions apply. Fees and charges are payable.