Advantage Loan

Boost your budget by up to $70,000.

If you’re on a lower income, with the Advantage Loan you may be able to borrow more to increase your budget, without increasing your monthly repayments.

You can only apply for this additional loan if you take out a home loan with HomeStart and it must be for the maximum amount you’re eligible to borrow.

We add the amount of your Advantage Loan to your home loan to boost your budget to buy or build a home. The combined value of both loans can’t be more than $750,000. 

Loan features

Repay at your pace

The Advantage Loan can increase your options without adding to your monthly repayments. However, you can make fee-free voluntary repayments whenever you want, at no charge.

You’ll repay this loan when you: 

• pay out your home loan, or
• sell your property, or
• move out, or
• voluntarily pay out your Advantage Loan, or
• refinance with another lender.

Until then, you’ll continue making the set repayments for your home loan.

When you pay your home loan in full, the Advantage Loan then becomes your home loan. This means your interest rate and the terms and conditions of your Advantage Loan will become the same as those of your home loan.

You’ll then need to make the monthly repayments until the loan is paid off – just as you did with your initial loan.

Lower interest rate

Even though you won't need to make repayments on the Advantage Loan until your home loan has been paid off, it will accrue interest over time and the balance of the Advantage Loan will increase.

However, the interest is discounted on the Advantage Loan and is 25% of the Standard Variable Rate applicable to our HomeStart Loan.

Borrow in line with your income

You may be eligible for this loan if your household earns up to $65,000 a year, after tax. 

The amount you can borrow with the Advantage Loan depends on your income and financial situation. You may be able to borrow up to a maximum of $70,000.

We will help you work out if you’re eligible and how much you could borrow.

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