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 value or purchase price, whichever is lower. You become the owner of the home, but you share some of its value with HomeStart. You can only apply for this additional loan when you take out your home loan with HomeStart.

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:

• Have your home loan with HomeStart and meet all other eligibility criteria.

• Have a net household income of up to $110,000 per year, after tax.

• Buy or build a home to live in within South Australia. A maximum purchase price limit of $675,000 applies.

• Have no more than $40,000 in retained savings at settlement.

• Not have an Advantage Loan with HomeStart.

• Not own another property.

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.

Disclaimer

The information provided on this website is for general information and educational purposes only. It does not take into account your personal objectives, financial situation, or needs, and should not be relied upon as financial, legal, or tax advice. While we strive to ensure the content is accurate and up to date, we make no guarantees of its completeness, reliability, or suitability. Any reliance you place on the information is strictly at your own risk. We recommend that you seek independent professional advice before making any financial decisions, including from a licensed mortgage broker, financial adviser, or tax professional. References to government schemes, grants, or lender products are subject to change and eligibility criteria. Please confirm details with the relevant authority or provider. We are not responsible for any loss, liability, or damage incurred as a result of the use of this website or its content.