Low Deposit Loan

Begin your journey to owning a home with as little as 3%.

Start with a 3% deposit

Whether you’re starting out or starting over, your deposit can be as little as 3% to buy an existing home. Don’t forget you’ll also need funds to meet other costs like any applicable stamp duty and other fees and charges. This home loan is not available for construction. If you would like to build, you could be eligible for our Graduate Loan or HomeStart Loan.

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. 

At 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 access 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) 


Check if you're eligible

 To apply for a loan with HomeStart, you’ll need to:

  • Be an Australian citizen or a permanent resident

  • Be aged 18 years or older

  • Buy a home to live in within South Australia

  • Have a regular income (which can include Centrelink benefits)

  • Have a clear credit history (this means no paid or unpaid defaults, court judgements or a history of bankruptcy)

  • Not own another property

Have questions? We're here to help!

Contact us today

Fact Sheets

  • Low Deposit Loan Fact Sheet

    Read our fact sheet for an overview of key information about this product and other important information.

    Download

  • Target Market Determination

    View the Target Market Determination (TMD) which describes who this product may be appropriate for. A TMD is not intended to provide you with financial advice.

    See more

See our full Rates & Fees.

Rates & Fees
Boost-what-you-can-borrow page header image

Boost what you can borrow

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 home buying budget, or helping towards upfront fees, costs and charges.

Loan Calculators

R/24/459433

Other loan options

See all loans

  • Graduate Loan

    Home Loan

    If you have a Certificate III or higher qualification, you can start with a 2% deposit to buy an existing home or 5% to build. 
     

    • 2% deposit to buy
    • 5% deposit to build
    Learn more

  • HomeStart Loan

    Home Loan

    With a HomeStart Loan, you can take the first step towards owning your home with as little as a 5% deposit to buy or 8% to build.

    • 5% deposit to buy
    • 8% deposit to build
    Learn more