Homestart Review: Is Homestart finance right for you?

Do you want to know whether Homestart is right for you? Adelaide Broker can help you understand the options available to you today. Call 0478 538 537 or email info@aplsfinance.com.au today.

Who is Homestart?

Homestart is a South Australian lender established in 1989. Despite being set up by the State Government of South Australia, Homestart is a for-profit business that understands its social responsibilities and aims to help more people get into their houses as soon as possible.

Homestart has three core values:

• Achievement – Homestart is focused on achieving positive outcomes for both their business and their customers
• Integrity – Homestart values honest, genuine interactions between them and their customers
• Simplicity – Homestart aims to simplify their business operations, making things as easy as possible

Homestart’s approach to business and social responsibility also aligns with these values. The framework and priorities for these are:

• Their customers – Homestart puts the customer first, dedicated to making the dream of home ownership achievable for more South Australians.
• Their people – Homestart aims to employ a diverse workforce, providing access to affordable housing finance for people that were refused financial assistance from mainstream lenders
• Their community – Homestart believes that home ownership is the key to building prosperous communities. By supporting areas that customers live, work and learn at, they encourage the growth of these communities.

Why do some borrowers get loans with Homestart?

Homestart traditionally has been a lender which has marketed itself towards people in need of help to become new homeowners. Homestart provides lots of flexibility and features which makes getting a loan with them quite appealing. These include the following: 

• Small deposits, as low as 5% plus upfront costs to buy an existing home or as low as 8% plus upfront costs to build a new home
• The choice to buy an existing home, build a new home, refinance, or just buying land and building later
• Secondary loans for increased borrowing power
• Variable, fixed and split interest rates to choose from
• More predictable repayments with their Repayment Safeguard
• Voluntary repayments with no extra fees (capped at $10,000 p.a for fixed rates)
• Ability to redraw voluntary repayments
• Repayment holidays, allowing you to temporarily reduce or suspend repayments if eligible
• No Lenders Mortgage Insurance (LMI) charge
• No monthly account keeping fees

Adelaide Broker can help you understand if Homestart is for you, for free!

The team at Adelaide Broker are expert mortgage brokers who are accredited with Homestart and dozens of lenders, meaning they can help you weigh up the benefits of Homestart versus the other loan options in the market. 

Unlike going directly to a lender, the mortgage brokers at Adelaide Broker have access to thousands of loan products and can find the best loan which suits you, not just what their brand offers. Best of all, it’s a free service with the lender of your choice paying the broker to help you through the entire process – saving you time and money. Would you like to find out the best loan option for you? Contact our team today for a no-cost discussion today.