South Australia’s property market has reached new heights and with prices expected to keep rising, first-home buyers are using new strategies to achieve home ownership. 

Owning a home is at the heart of the classic Australian dream. While the dream remains strong as ever, with rising property prices and tougher economic conditions, many millennials and Gen-Z see it as out of reach. But even though it’s challenging, there are still ways to turn the dream of owning a home into reality. Read on to discover some actionable tips you can take on your journey to home ownership.  
  
1. Being strategic with suburb selection 
  
South Australians are expanding their search to more affordable suburbs. From emerging neighbourhoods with potential for growth to suburbs that offer something specific, savvy buyers are still finding affordable options.  

Helping to take the pressure off for South Australians struggling to find affordable properties in the suburbs where they want to live, is the HomeStart Shared Equity Option, a feature that allows customers to borrow up to 25% of the purchase price as an interest-free and repayment-free loan. 

So, whether your goal is to find a certain style of home, or a home in a location better suited to your needs, or you're a single-income household in search of support, the Shared Equity Option with HomeStart may bring you closer to your dream of owning a home. 
  
2. Start saving early 
  

Saving for a home deposit can feel like a marathon. On average, it can take around 10 years to save the money required for a deposit. Most financial institutions require a 20% deposit for a loan, meaning you would have needed to save $100,000 to buy a $500,000 home. 

This is no easy task, but HomeStart is here to help. Our Home Buyer Ready program can help you develop a plan. It has all the information you need to get started on buying or building your home. You can also keep an eye out for our frequent Home Buyer Seminars, where a Home Loan Specialist talks you through the process and you can get your questions answered on the spot. 
 
What’s more, if you have a Certificate III or higher qualification, you may be eligible for HomeStart’s Graduate Loan, which allows you to purchase a home with as little as a 2% deposit. Even then, discipline and budgeting are key.

3. Explore alternative loan-financing 

More and more first home buyers are looking to alternative financing options, such as HomeStart. 

HomeStart has been helping South Australians achieve their dream of owning a home for nearly 35 years. Backed by the South Australian Government, we understand that everyone’s circumstances are different, and that’s why we offer a range of innovative loans that can reduce your upfront costs and increase your borrowing power. Our goal is to get you into your own home sooner! 

One of our most unique benefits is our Repayment Safeguard where your initial repayments are based on what you can afford without a fixed loan term. So, whether interest rates go up or down, your repayments remain the same for 12 months. Then once a year on the anniversary of your loan, we adjust your repayments in line with inflation.


4. Making the most of government support 
  
In South Australia, the First Home Owner Grant continues to be available for customers who build or purchase newly built homes. If you are a first home buyer, you may be eligible for up to $15,000  that you can put towards your home! 

The South Australian State Government also waived Stamp Duty for eligible first home buyers who buy (or build) a new home. That’s a huge cost wiped off your budget, saving you thousands of dollars which you can also put toward your home. 
  
The bottom-line is that you don't need to give up on your dream of home ownership. HomeStart is here to make it a reality for more South Australians in more ways. 

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This is general information only. You should consider your own personal and financial circumstances before making any commitments. Consider the product information and target market determinations available at https://www.homestart.com.au/. Eligibility, terms and conditions apply. Fees and charges are payable. HomeStart Finance, Australian Credit Licence 388466.