First home buyers · South Australia
You did everything right. So why does the deposit keep getting further away?
If you live in South Australia, you may be closer to your first home than you think.
You saved. You skipped the trips. You checked the listings every single night.
And the deposit still feels further off than it did a year ago.
Here is the part you do not say out loud at the BBQ. You are a little embarrassed. Everyone else seems to have cracked it, and you are still the one renting.
It was never you. The rules changed.
The 20 percent deposit your parents needed has quietly become a wall most first home buyers can no longer climb. So they wait. And the waiting is the exact thing that keeps the door shut.
There is another way in, one most first home buyers are never told about. It can get eligible South Australians into a home with a far smaller deposit and no Lenders Mortgage Insurance, instead of losing another two or three years to saving.
You do not have to keep quietly carrying how hard this has been.
Tick the ones that feel like you
If most of these are you, you are ready, and you are exactly who we help get in.
There may be a way in
If you are a permanent resident or citizen, hold a Certificate III or higher, and work part time or full time hours, you may be eligible for HomeStart’s Graduate Loan, a 98 percent loan that can get you in with as little as a 2 percent deposit and no Lenders Mortgage Insurance.
★★★★★
Real client success: buying with a small deposit
A first home buyer came to us stuck. Like most, they assumed they needed a 20 percent deposit.
They did not. Because they held a Certificate III, HomeStart’s Graduate Loan let them buy with a far smaller deposit than the banks had told them they needed.
The barrier was never the deposit. It was knowing the right lender to ask.
A rough guide before you go further
- If you have around $[DEPOSIT] saved, you may be able to buy a home up to about $[PURCHASE PRICE] using HomeStart shared equity.
- If you have around $[DEPOSIT], you may be able to build using HomeStart.
General examples only. Not an offer, a quote or credit advice. Your real position depends on your income, the property and current HomeStart criteria.
Check if you qualify
Leave your details and an accredited HomeStart broker will check whether you are eligible and what it could mean for you. No cost, no obligation, no judgement.
General information only. Not financial or credit advice. Eligibility criteria apply. HomeStart products and criteria change, so confirm current details with HomeStart or a licensed broker.
What happens next
- You leave your details above.
- An accredited HomeStart broker checks exactly what you qualify for.
- You get a straight answer on whether you can get in, and the numbers behind it.
No upfront cost for our broking service. We are paid by the lender, not by you.
Common questions
Do I really not need a 20 percent deposit?
For eligible buyers, no. HomeStart can start from as little as a 2 percent deposit with no Lenders Mortgage Insurance. Eligibility criteria apply.
What is the catch?
Honestly, HomeStart rates often sit above the sharpest bank deals, and if you use shared equity you hand back a share of your growth when you sell or refinance. It works best as a way in now that you refinance out of later, once your equity grows.
My income is casual or includes Centrelink. Am I out?
Not necessarily. HomeStart assesses income more flexibly than the big banks, and some ongoing Centrelink and casual income can count. Worth checking rather than assuming.
Will it cost me anything to find out?
No. There is no upfront cost for the broking service. You get a straight answer on where you stand.