If you have been considering buying or building a new house but your bank account has been holding you back, HomeStart Finance has some good news that could help get you into your own home sooner.

HomeStart has announced that its Loan Provision Charge (LPC), will be waived helping more South Australians into the property market by reducing a key upfront cost. This will give our customers an extra incentive to get their home loan approved this financial year by removing one of the additional costs of a loan – one that many potential customers see as a hurdle into home ownership. 

How much could you save?

Putting a hold on our LPC for the next ten months means our customers will be able to save anywhere between $630 and $2970 on upfront costs. And when combined with our HomeStart Starter Loan, which offers up to $10,000 assistance with other fees and charges like Stamp Duty, this LPC saving empowers you to work with us on making your home ownership dreams a reality sooner.

How does it work?

Each customer is unique and so the amount each applicant might save will differ. But as an example, a family will now be able to purchase a House and Land package of $390,000 (with a land cost of $190,000 and build cost of $200,000) with a HomeStart Graduate Loan (assuming they have qualified for the First Homeowners Grant and a Starter Loan) with a deposit of just $3,000 with no LPC costs. The LPC fee waiver in this case will provide a 24% reduction in the family’s upfront fees, reducing the required amount from $15,089 with LPC to just $12,119 without LPC. These savings could then be redirected into other important areas such as making a bigger deposit or purchasing furniture for your new home.

How can I apply?

All you need to do to apply for one of our HomeStart loans is get in touch with us! We do, however, recommend you take some time to consider which of our home loans might best suit you as the assessment criteria varies. You can find out more about our products online via www.homestartfinance.com.au

*Loan Provision Charge (LPC) where applicable will be waived for eligible borrowers on any HomeStart application lodged or approved between 2 March and 31 December 2020. Eligibility criteria, terms and conditions apply. Fees and charges are payable.