First home buyers · South Australia
How a sparky in Glenelg used $32,000 to build a 3 bedroom home.
If you live in South Australia, you may be closer to your first home than you think.
You saved hard. Said no to the holidays. No to the dinners out. Yes to the extra shifts. But the deposit still feels too far off.
Here’s the part you don’t say out loud at house parties. You’re a little embarrassed. Everyone else seems to have cracked it, and you’re still the one renting.
It was never you. The rules changed.
The deposit your parents needed, back when houses cost less than a car, is no longer the deposit you’re up against. The 20% deposit has become a wall most first home buyers can no longer climb. So they wait. But as they wait, prices keep going up. Feels like the goalposts keep shifting.
What if there was another way in? One most first home buyers don’t know about.
Maybe you don’t have to carry this quietly any more.
Tick the ones that feel like you
If you ticked even one, stay with me. We’re nearly at the part no one tells you about.
There may be a way in
There’s a government funded lender called HomeStart that offers a 98% loan. In some cases they’ll also help buy up to 25% of the house with you, to keep costs down.
If you’re 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, with as little as a 2% deposit (plus fees) and no Lenders Mortgage Insurance.
But how do you check if you qualify for any of these options?
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Real client success
Here are two client success stories where we helped buyers in.
With a $46,000 deposit and an income of around $85,000, we helped them buy for $680,000.
With a $32,000 deposit and an income of around $70,000, and using the stamp duty waiver, we helped them build for $600,000.
These client situations are shared as examples of what we have helped South Australian first home buyers do. This is not financial advice, or a promise of an approval, an offer or a quote, regardless of whether your income and deposit amounts are similar. As everyone’s circumstances are different, and HomeStart’s lending policies are subject to change, these stories may not be applicable to you. The only way to know what is possible in your situation is to discuss your plans with a licensed professional. A full lender assessment is required to confirm any lending eligibility.
Check if you qualify
Enter your details below and our team of mortgage brokers who work with HomeStart can check if you’re eligible, and what it could mean for your home ownership. It’s a free service we offer.
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 share 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 need a 20% deposit?
No. For eligible buyers, HomeStart can start from as little as a 2% deposit, with no Lenders Mortgage Insurance. Eligibility criteria apply.
What is the catch with HomeStart?
Honestly, HomeStart typically charges higher interest rates than other lenders. The trade off is that it is a South Australian government funded lender, set up to offer low deposit pathways into a first home. For many buyers it works best as a way in now, that you refinance away from later once you have built up some equity.
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’s no upfront cost. Our mortgage broking service is free to you. We are paid by the lender after you buy a home.