Saving for a deposit is one of the biggest issues that you’ll face when you’re buying a home, especially if you are just entering the housing market.
At HomeStart, there are a number of loan options available that can help take the stress out of saving for a deposit.
Deposit and savings with HomeStart
HomeStart loan deposits generally start from around 5% for eligible applicants, depending on where you're buying, and if you are building a new home or buying an established property. There are also low deposit options.
HomeStart accepts the First Home Owner Grant toward your deposit and fees.
With HomeStart loans, your deposit will need to include either:
- $1000 or more of your own savings (accrued over at least three months) or
- Proof of 12 months satisfactory rental history through an independent third party (such as a Private Landlord or a Property Manager linked to a real estate company).
Loan options with little or no deposit required
HomeStart'sGraduate Loan and Low Deposit Loan allow you to borrow up to 97% of a property value or its purchase price to buy an established property, whichever is the lesser amount. Deposit amounts for building with a Graduate Loan start from 7%.
Terms, conditions and eligibility criteria apply. Fees and charges are payable.