HomeStart Finance Shared Equity Option: Your Path to Home Ownership in South Australia (SA)

The HomeStart Finance Shared Equity Option offers a unique opportunity for South Australians to step into home ownership without the burden of a large deposit. This innovative program allows eligible buyers to borrow up to 25% of the property price or valuation—whichever is lower—up to a maximum of $200,000. This means you could secure your dream home with a much smaller financial commitment upfront.

What is the Shared Equity Option?

Under the Shared Equity Option, the government essentially becomes a co-investor in your property. This means that while you retain ownership, the amount borrowed from HomeStart will be paid back only when you sell the property. Notably, there are no interest payments or monthly repayments on the shared equity portion for the duration of your loan.

This program is particularly beneficial for first homebuyers, allowing you to reduce your overall loan amount and make home ownership more achievable.

Eligibility Criteria

To qualify for the Shared Equity Option, applicants must meet the following requirements:

•  Meet the requirements of a HomeStart primary loan

• Have a net household income of less than $100,000

• Not available with the Advantage Loan

• Buy an established property or build a home for you to live in

How to Apply

Applying for the Shared Equity Option is straightforward. Interested buyers should visit the HomeStart Finance website to begin the application process. It's important to gather all necessary documentation, including proof of income, rental history, and identification.

Conclusion

The HomeStart Finance Shared Equity Option presents a viable pathway for many South Australians seeking home ownership. With minimal upfront costs and no immediate repayment obligations, this program enables you to invest in your future while sharing the financial risks with HomeStart.