The Shared Equity Option allows you to borrow up to 33% more without increasing your monthly repayments.
Features
| Boost your borrowing power | Once you have reached your borrowing limit on a HomeStart primary loan you can apply for the Shared Equity Option to boost your loan amount by up to 33%. The Shared Equity Option is only available on established properties and not for new build or house and land packages. |
| No interest rate payments | No interest is payable on the Shared Equity Option. Instead, HomeStart will share in the gain or loss in property value when you sell your home. |
| Eligibility | To be eligible you will need to meet the requirements of a HomeStart primary loan and have reached your borrowing limit on that loan. The Shared Equity Option is only available for established properties. |
| Voluntary repayments | You can make voluntary repayments of $10,000 or more to the Shared Equity Option, on top of the minimum repayments to your primary loan, at any time. |
| Final payment | The final payment on a Shared Equity Option will include the loan balance plus a portion of the gain or loss when you sell. If you refinance, HomeStart will share in the property valuation gain, but will not share in any loss. |
Shared Equity Option fact sheet
Shared Equity Option key features
Need more information? Call us on 1300 636 878.
Eligibility criteria, terms and conditions apply. Fees and charges are payable.
