SA state-owned lender
HomeStart is a state-owned South Australian home lender for owner-occupiers, with low-deposit products (typically 2% to 5% deposit) and no LMI on eligible loans. It exists to make home ownership more accessible for SA buyers who would otherwise struggle to meet mainstream lender deposit requirements.
Every item below is drawn from a primary source cited beside it. If the scheme or rule changes after this review date, the primary source is the version of truth.
Owner
Government of South Australia
HomeStart is wholly owned by the SA Government and reports through the Treasurer of South Australia. It is not a private bank.
LMI
Not charged
HomeStart does not charge Lenders Mortgage Insurance on its eligible low-deposit loans.
Location
South Australia only
Property security must be located in South Australia. HomeStart does not lend for interstate property.
Use
Owner-occupier only
HomeStart loans are for buyers who will live in the home as their principal place of residence. They are not available for investment properties.
Loan limit
Combined loan cap A$850,000
HomeStart caps the combined total of a home loan plus any additional loan at A$850,000 (as published on the HomeStart Home Loan page). Confirm the current cap directly with HomeStart.
All applicants must be 18 years or older at the time of application.
HomeStart accepts Australian citizens, permanent residents, and eligible skilled migrant / other acceptable visa classes.
You must live in the SA property as your principal place of residence.
For most HomeStart low-deposit products, you must not currently own another residential property.
HomeStart generally requires no paid or unpaid defaults, court judgments, or bankruptcy history.
HomeStart assesses serviceability against a regular income. Product-specific income tests may also apply (for example, Graduate Loan has qualification-based rules).
Scenario
Alongside the federal First Home Guarantee
HomeStart is a state-owned lender; the federal First Home Guarantee is a deposit scheme administered by Housing Australia through participating lenders. Whether HomeStart is a participating lender under a particular federal scheme (and how you would combine both) is a question for HomeStart directly.
Scenario
Alongside the SA First Home Owner Grant
The SA FHOG is a state grant administered by RevenueSA. It is separate from your loan. If you are eligible, HomeStart can process the grant application at settlement or drawdown like any other lender.
Scenario
For a house-and-land or build contract
HomeStart offers construction loan structures for building a new home. Deposit and progress payment rules differ from a straight purchase. HomeStart is the source of truth on current build product rules.
Frequently asked
Next step
BuildPilot matches SA home buyers to licensed builders that fit their block and budget. We do not arrange finance; that is a job for HomeStart or a licensed mortgage broker.
Start builder matchingTrusted sources
Every fact on this page is drawn from the primary sources below. Verify current details on the primary source before you rely on them.
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