The top reasons customers choose a specialty lender

If you’re thinking about buying a home, you may have heard about specialty lenders. But what are they – and could HomeStart be the right specialty lender for you? Here’s a quick guide!

What is a specialty lender?

A specialty lender is a financial institution that focuses on providing loans to a particular group of people who traditional lenders might overlook, such as people with a smaller deposit. There are several reasons customers might choose a specialty lender.

Location, location, location!

Specialty lenders can be focussed on a particular state – like HomeStart, which serves South Australia and provides dedicated local support to our customers. HomeStart has been helping South Australians achieve the dream of home ownership for 35 years.

Focused on solutions

While many traditional lenders might see your personal circumstances as a problem, a specialty lender can look for solutions. HomeStart does this by providing loans that suit your particular needs. For example, HomeStart offers solutions for Graduates, Seniors, and those with a low deposit.

Available through brokers

Arranging your largest ever financial transaction is a big job. Brokers can help you find the right specialty lender. 76% of Australians seeking to arrange finance for a home mortgage now choose a broker. Mortgage brokers help you navigate the complexity of arranging finance and assist you to find a mortgage that is right for you. You can find a broker with this easy search tool. The Find a Broker tool connects you with HomeStart-accredited brokers in your area. HomeStart has more than 800 accredited brokers.

Overcoming barriers

Mortgage brokers have access to a wide range of lenders and products, which can help you overcome barriers to home ownership. One solution is a low deposit home loan. There are options to boost your borrowing power. There are solutions to cover upfront costs. If you are building, there is a way to have no repayments for 12 months or until the home is built, whichever comes first. You can ensure loan repayments don’t change with interest rates with a repayment safeguard. It pays to consider all of the options available to you.

Credibility

It is important to do your research about lenders. HomeStart is one of four finalists in this year’s Mortgage Finance Association of Australia (MFAA) Specialty Lender Award category for South Australia/Northern Territory. The MFAA Excellence Awards recognise members who have excelled in areas including customer service, professionalism, ethics, growth and innovation. The brokers who help customers find the right lender vote in these awards. So HomeStart sends a big thank you to the brokers who voted for us!