Why brokers are choosing HomeStart

HomeStart is built to support broker momentum.

While our published SLAs remain 2-3 business days, we are currently picking up applications in around one business day. This helps you move faster and give customers more certainty.

As HomeStart continues to expand, we're evolving our policies, processes and support o help more South Australians access home ownership through brokers.

Our commission structure supports long-term relationships. There is no clawback after the first year, giving you confidence to support customers into their home and as they progress through their home ownership journey.

We also encourage brokers to explore refinancing options when customers are ready. On average, customers stay with HomeStart for around three years, with an average LVR of 91% at discharge.

Are you missing out on this opportunity? 

• 81% of HomeStart customers couldn’t obtain finance from another lender
• 79% of our loans are written through brokers
• 90% of brokers are satisfied with their experience with HomeStart

Broker feedback

“HomeStart are the best they have ever been in 15 years. Service and turnaround is excellent - faster than major banks. Credit are logical and when a loan is presented properly, we get one or no touch approvals.”

Login to HomeStart Broker to create a quote or speak to your Business Development Specialist.

 

More suburbs are now in reach

Shared Equity Option (SEO) limits have increased. Customers can now earn up to $120,000 (net household income) and purchase homes up to $750,000. 

These changes give brokers more flexibility when supporting customers considering shared equity with more suburbs now in reach.

Previously, only 13 suburbs had a median house value below the Shared Equity Option purchase price limit. 
With the new increase to $750,000, that number has grown from 13 suburbs to 36. 

Looking at the most affordable end of the market, the number of suburbs available has increased from 49 to 92.

So, with expanded eligibility and more suburbs in reach, it could be a smart move for many South Australians to look again at HomeStart. For younger customers who may have become discouraged by rising house prices, these changes may help make home ownership feel achievable again.

If you’re not familiar with the SEO, this short video provides a helpful overview.
 

Shared Equity Option and Help to Buy Scheme. 

While the concepts are similar, there are some key differences that may influence which product is the better fit. Our comparison guide provides a side-by-side view to support your customer conversations.

To become accredited to write the Shared Equity Option, contact your Business Development Specialist.

 

Recent product updates to open more doors

Recent updates to HomeStart’s Advantage, Starter and Graduate Loans are creating more opportunities for customers who may have previously fallen outside eligibility requirements.

Higher income limits and expanded eligibility criteria mean more South Australians may now be able to access HomeStart products. 
 

Graduate Loan

HomeStart’s graduate Loan was originally created to help people with a Certificate III or higher to access home ownership with a lower deposit, from 2% for an established home or 5% for a new build. However, the Graduate Loan has recently been expanded to include: 

• Police officers (including those training at the Police Academy), 
• Firefighters,
• Permanent defence force personnel, and 
• Currently employed Technical College Graduates are now eligible.

This change could reduce the deposit required by these professions by more than $20,000.
 

Advantage Loan 

Over the past 12 months, there have been several increases to the income cap for HomeStart’s Advantage Loan, where homebuyers can boost their budget by up to $90,000 without increasing monthly payments. Now, customers may be eligible for this loan if the household earns up to $110,000 a year after tax. 
 

Starter Loan

HomeStart’s Starter Loan income limit has also changed. Now customers may be eligible for this loan to cover upfront costs such as applicable stamp duty if they have a net household income of up to $110,000.
 

Combined impact

A borrower with $80,000 net household income could now borrow up to $55,000 more with the Advantage Loan and potentially become eligible for a Starter Loan.

There is a lot of opportunity to help South Australians with HomeStart, particularly those who may feel increasingly locked out of the housing market due to affordability challenges. 

Reach out to your Business Development Specialist or login to HomeStart broker to get started.

 

Scenario Helpline

Our Scenario Helpline recently stepped through a comparison between a major bank and HomeStart. A customer could borrow $750,000 with 19% less income than a major bank requires, with lower monthly repayments.

A lot has changed at HomeStart in recent months. If you haven’t considered us lately, now is a good time to take another look at our expanded products and lending options, there may be opportunities available today that weren’t available only a short time ago. For some customers, the difference can be significant. Don’t turn them away. Run the numbers with HomeStart first.

You can talk through your scenario with Troy on the Scenario Helpline. Reach out by email at troy.geihlich@homestart.com.au or call 0415 837 186.

 

Award-winning support for South Australian home buyers

HomeStart was recently recognised as the Mortgage & Finance Association of Australia (MFAA) Specialty Lender (SA/NT) Award winner.

This recognition reflects the strength of our partnership with our broker network and the value placed on the work across HomeStart - from technology investment and product innovation through to ongoing service enhancements. 

It also recognises the contribution of our people across the organisation who support brokers every day to deliver better outcomes for customers.

Thank you for your continued support. We’re proud of what we’ve achieved together and look forward to continuing to build on this momentum.

 

Recent webinar

Recently, we hosted a webinar on updates to our Home Lending Policy.

The session covered policy and workflow changes, along with updates designed to create more opportunity, flexibility and alignment with current practices and documentation requirements.

If you missed it, the webinar recording and Q&As are now available on HomeStart Broker, so you can access the latest updates anytime.

Login to HomeStart Broker and select Webinars from the home page.