HomeStart Finance may be an option to help you get into your own home sooner.
HomeStart Finance was created by the South Australian Government with a clear purpose; to help more people into home ownership sooner. A Bernie Lewis Mortgage Adviser can discuss a number of ways in which a HomeStart loan may make buying a home more achievable, such as:
- Less money upfront – reduce upfront costs by enabling customers to avoid paying lender’s mortgage insurance (LMI), and instead pay a loan provision charge that is much less than LMI for most borrowers.
- 3% deposit – accept deposits from just 3% of the purchase price for certain groups of customers, such as those with formal qualifications or trades (Graduate Loan).
- Understanding – accept a wider range of customer income sources for loan servicing, including Centrelink benefits.
- Borrow up to 30% more – have a range of ‘top up’ loans that can be combined with a HomeStart loan to help you borrow more, with subsidised rate (Advantage Loan) or shared equity (Breakthrough Loan) loans.
- Manageable home loan repayments – have a Repayment Safeguard to help take the stress out of repayments, by working out an initial repayment rate based on what you can afford, not just interest rates. Usually the only change in HomeStart repayments will be an adjustment for inflation once every 12 months.
To find out more, speak to a Bernie Lewis Mortgage Adviser on 8300 8300.
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