How could these product changes help you?
Tuesday, 12 July 2022
The times are definitely changing. And that means that HomeStart is changing too!
How first home buyers are going to enter the market, as well as how households are going to afford to keep up with inflation and price rises has been a hot topic for a little while now. HomeStart has ensured that we have a wide range of innovative products so that we can continue with our sole aim - making home ownership possible for more South Australians in more ways.
Wyatt Loan
Do you need help with the deposit or upfront costs involved with buying a home? Offered as a secondary loan, HomeStart’s Wyatt Loan offers an interest and repayment free period of five years. At the end of the five years, the borrower will need to repay the loan or in appropriate circumstances, HomeStart may (at its absolute discretion) combine the Wyatt Loan balance with the HomeStart Home Loan, which may increase repayments.
In order to be eligible, you must be able to take out a HomeStart primary loan, have lived in South Australia for at least five years, and have a net household income of less than $47,500 p.a. For applicants with dependants, maximum net household income is up to $57,500 p.a. based on the number of dependants). Applicants over the age of 50 with no dependants may also be eligible.
Repayment Safeguard
When it comes to your mortgage repayments, HomeStart does it differently. With most lenders, if you have a variable interest rate on your home loan, your repayments will go up or down when the lender’s variable interest rate goes up or down. This is because the interest being charged to your loan is applied at that variable rate, but your loan term stays the same.
However, at HomeStart, we work out an initial repayment based on what you can afford. The only change will be an adjustment for inflation once every 12 months. So, if interest rates go down, you’ll pay off your loan faster. If they go up, it’ll take a little longer unless you choose to make voluntary repayments. Either way, you won’t have to stress about changing interest rates and you can enjoy living in your own home with peace of mind.
SEO for construction
A recent change to our Shared Equity Option is the inclusion of house and land packages, rather than only including established properties. But what is shared equity? Essentially, HomeStart’s Shared Equity Option allows you to borrow up to 25 per cent of the purchase price as an interest-free and repayment-free loan. By doing this, the Shared Equity Option can cover the gap between what you can afford and the higher cost of a property, so you can buy your own home sooner.
Online Application
You asked and we heard you! With so much of what we do moving online, we have introduced online applications. You can apply online at any time, and once your information has been submitted a team member will be in touch to take you through the next steps involved with buying your own home. To complete the application, you simply need:
If you think you are ready to begin the home buying journey or to make a fresh start, Apply Now with HomeStart and a team member will be in touch. If you would like to learn more about our low deposit loans, Shared Equity Option or unique range of product features, contact HomeStart today. Home ownership could be closer than you think.
How first home buyers are going to enter the market, as well as how households are going to afford to keep up with inflation and price rises has been a hot topic for a little while now. HomeStart has ensured that we have a wide range of innovative products so that we can continue with our sole aim - making home ownership possible for more South Australians in more ways.
Wyatt Loan
Do you need help with the deposit or upfront costs involved with buying a home? Offered as a secondary loan, HomeStart’s Wyatt Loan offers an interest and repayment free period of five years. At the end of the five years, the borrower will need to repay the loan or in appropriate circumstances, HomeStart may (at its absolute discretion) combine the Wyatt Loan balance with the HomeStart Home Loan, which may increase repayments.
In order to be eligible, you must be able to take out a HomeStart primary loan, have lived in South Australia for at least five years, and have a net household income of less than $47,500 p.a. For applicants with dependants, maximum net household income is up to $57,500 p.a. based on the number of dependants). Applicants over the age of 50 with no dependants may also be eligible.
Repayment Safeguard
When it comes to your mortgage repayments, HomeStart does it differently. With most lenders, if you have a variable interest rate on your home loan, your repayments will go up or down when the lender’s variable interest rate goes up or down. This is because the interest being charged to your loan is applied at that variable rate, but your loan term stays the same.
However, at HomeStart, we work out an initial repayment based on what you can afford. The only change will be an adjustment for inflation once every 12 months. So, if interest rates go down, you’ll pay off your loan faster. If they go up, it’ll take a little longer unless you choose to make voluntary repayments. Either way, you won’t have to stress about changing interest rates and you can enjoy living in your own home with peace of mind.
SEO for construction
A recent change to our Shared Equity Option is the inclusion of house and land packages, rather than only including established properties. But what is shared equity? Essentially, HomeStart’s Shared Equity Option allows you to borrow up to 25 per cent of the purchase price as an interest-free and repayment-free loan. By doing this, the Shared Equity Option can cover the gap between what you can afford and the higher cost of a property, so you can buy your own home sooner.
Online Application
You asked and we heard you! With so much of what we do moving online, we have introduced online applications. You can apply online at any time, and once your information has been submitted a team member will be in touch to take you through the next steps involved with buying your own home. To complete the application, you simply need:
- Your salary details and any other income
- Your liabilities including loans, credit cards and any other debts
- Details about your expenses
If you think you are ready to begin the home buying journey or to make a fresh start, Apply Now with HomeStart and a team member will be in touch. If you would like to learn more about our low deposit loans, Shared Equity Option or unique range of product features, contact HomeStart today. Home ownership could be closer than you think.
