The Malinauskas Labor Government is delivering on another significant election commitment within weeks of polling day, extending low-deposit home loan products to provide more homes to South Australians, including police officers, firefighters and Technical College graduates.
The Government committed in February that if re-elected, it would oversee an expansion of HomeStart's offerings to people seeking to enter the property market.
The Malinauskas Labor Government has wasted no time in making it easier for South Australians to buy their own home, with these measures quickly implemented and now available to customers.
The changes include significantly lifting household income thresholds for Advantage Loan and Starter Loan customers to $110,000 and extending the HomeStart Graduate Loan to include firefighters and police.
The Graduate Loan is now also available for Technical College graduates – providing an opportunity for the young South Australians entrusted with the task of building more homes, the opportunity to own one.
The popular 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.
As put by 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.
As put by Nick Champion
We took to last month's election a plan to make it easier for young, hard-working South Australians to buy their own home.
We are wasting no time in making this plan a reality.
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.
As put by 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.
