HomeStart Loan

Start with a 5% deposit

Whether you’re starting out or starting over, your deposit can be as little as 5% to buy an existing home, or 8% if you want to build. If you’re a first home buyer and building your home with one of our partner builders, you could be eligible for a 2% deposit. Don’t forget you’ll also need funds to meet other costs like any applicable stamp duty and other fees and charges.

Loan features

We set your repayments for peace of mind.

With the Repayment Safeguard, your initial repayments are based on what you can afford, without a fixed loan term. So, even if interest rates go up or down, your repayments remain the same for 12 months. Each year on your loan anniversary, we review your repayments and increase them in line with inflation. We will let you know your adjusted repayment amount for the upcoming year before it changes. The certainty of our Repayment Safeguard makes budgeting and managing your finances easier.

Save on Lenders Mortgage Insurance (LMI)

LMI is insurance that covers the lender if the borrower can’t repay their loan. 

With HomeStart, you won’t need to pay LMI; so you can save thousands of dollars in upfront costs with our loans. 

Boost your borrowing with an additional loan

When you take out a home loan with us, you may also be eligible for one of our additional loans. This can give you more options by increasing your budget, or helping towards upfront fees, costs and charges, like stamp duty.

Make extra repayments, fee-free

You can repay your loan earlier at no extra cost, as we don’t charge fees for making additional repayments.

The total amount of voluntary repayments is unlimited for variable rate loans and capped at $10,000 a year for fixed rate loans. 

Redraw funds if you need

You may be able to use the extra repayments you’ve made using our redraw facility on eligible loans. We’re happy to answer your questions about how it works, and our terms and conditions. 

Choose your interest rate option

We offer:

• Variable interest rates
• Fixed interest rates over one to three years
• Split interest rates (a mix of variable and fixed interest rates)

Building your home

Are you a first home buyer?

You may be eligible for the First Home Owner Grant of up to $15,000 towards your deposit, fees and charges for building a home. We can tell you more about the grant and help you apply. Go to Revenue SA to find out more.

No repayments for 12 months

It’s challenging to pay rent when building a home. With this loan, you don’t have to make repayments for the first 12 months of building or until your home is complete – whichever comes first.

Save on stamp duty costs

If you are a first home buyer and choose to build your own home, you may be eligible for stamp duty relief, potentially saving you thousands. Alternatively, if you purchase a newly built or off-the-plan home, you may also be eligible. Contact us to find out more.

Choose your builder or buy land

You can select your own licensed builder or buy a block of land now and build on it later. Buying land only gives you an opportunity to save money and reduce your home loan balance by the time it comes to build.

Choose a package with our participating builders

With a house and land package, you can buy land and choose your home design at the same time. This saves time and money and reduces the interest you pay during construction. Our participating partner builders commit to a fixed price for your peace of mind. 

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