The Shared Equity Option allows you to borrow up to 25% of the purchase price as an interest-free and repayment-free loan.
Features
| Boost your borrowing power | You can apply for a Shared Equity Option of between 5% and 25% of the purchase price or property valuation, whichever is lower, up to a maximum of $200,000. The Shared Equity Option cannot be greater than the primary loan amount and is not available for land only purchases. |
| No interest rate payments | No interest is payable on the Shared Equity Option. Instead, HomeStart will share in the gain or loss in property value when you sell your home. |
| Eligibility | The maximum net household income allowable is $100,000. To be eligible for a Shared Equity Option for an established property you will need to meet the requirements of a HomeStart primary loan. To be eligible for a Shared Equity Option for construction you will need to meet the requirements of a Graduate Loan or a HomeStart Home Loan. The Shared Equity Option is not available for land only purchases. |
| Voluntary repayments | You can make voluntary repayments of $10,000 or more to the Shared Equity Option, on top of the minimum repayments to your primary loan, at any time. |
| Final payment | The final payment on a Shared Equity Option will include the loan balance plus a portion of the gain or loss when you sell. If you refinance, HomeStart will share in the property valuation gain, but will not share in any loss. |
Shared Equity Option fact sheet
Shared Equity Option key features
Shared Equity Option (Construction) key features
Target Market Determination
Need more information? Call us on 1300 636 878.
*Eligibility criteria, terms and conditions apply. Fees and charges are payable. For further information to help you decide if this product is right for you, we recommend you read the TMD information available here. (link to TMD page) Existing fixed rate customers may incur break costs. Information correct as of January 2022 and may change without notice. Maximum HomeStart Home Loan may vary as it is based on individual circumstances. Customers must be eligible for our HomeStart Home Loan or Graduate loan products. Shared Equity Option is available in metro Adelaide and some regional centres. Shared Equity Option must not exceed 25% of the lessor of the purchase price or property valuation. Shared Equity Option is not available for land-only purchases.
