Homestart expands graduate loan, starter loan, advantage loan

HomeStart has expanded its popular Graduate Loan to include police officers, firefighters and Technical College graduates. 

The expansion provides an opportunity for the young South Australians entrusted with the task of building more homes to own one. 

The State Government-backed home lender is also significantly lifting household income thresholds for Advantage Loan and Starter Loan customers to $110,000.

HomeStart’s Graduate Loan was already available for ambulance officers and others with Certificate III qualifications and is designed to get applicants into their own home with as little as 2 per cent deposit. 

Newly-eligible applicants can now save up to $25,500 on their deposit for a home worth up to $850,000 when compared to a standard 5 per cent deposit – meaning they can get a foothold in the housing market quicker. 

The Starter Loan is an interest and repayment-free loan for 7 years of up to $10,000 to assist eligible low-income buyers with the upfront costs of buying a home, while the Advantage Loan allows customers to borrow more to increase their budget without increasing monthly repayments. 

The previous eligibility criteria had a maximum income limit of $85,000 for households accessing the Advantage Loan while for the Starter Loan it was $75,000 for singles or $100,000 for households. 

Under changes now in place, the threshold for both products has been lifted to $110,000 for both households and individuals. 

Quotes attributable to HomeStart CEO Andrew Mills:

HomeStart continues to expand and evolve to meet the needs of South Australians. By broadening eligibility for our 2% deposit Graduate Loan and raising the income thresholds for our Advantage and Starter Loans, we’re creating new ways for South Australians to buy a home.

Quotes attributable to South Australian Treasurer Tom Koutsantonis:

HomeStart is one of the most powerful tools the State Government has to help South Australians into their own homes. Whether it's a graduate coming out of Tech College, a firefighter protecting our suburbs, or a young family stretching to meet upfront costs, this expansion is about removing barriers and giving people a real shot at home ownership. These are practical changes that will make a real difference for South Australian families trying to get their foot in the door.

Quotes attributable to South Australian Minister for Housing Nick Champion: 

Our police and firefighters put themselves on the line for our community every day. They deserve the security of owning their own home. Our Tech College graduates are the essential workers powering South Australia's future, and now we're making sure they have a pathway not just into a great career, but into a home of their own. We have enacted these changes straight away and now more South Australians than ever have a genuine pathway into the housing market.