Extra help for low income earners


Extra help for low income earners - image Just because you’re on a limited income, doesn’t mean that home ownership is out of reach. All kinds of South Australians, from single parents to retirees, from Centrelink recipients to Housing SA tenants, have bought a home of their own and with careful management of their budget, are on their way to achieving their goals.
 
If you’re on a low income and need a jump start to break into the market, here are three loans from HomeStart which could help you get started.
 
The Advantage Loan
The Advantage Loan is a boost of up to $45,000 to your borrowing power for those earning up to $60,000 per year ($1,154 per week) after tax. It’s added to your standard HomeStart Loan, which has the usual repayment and interest rates applied.

Key benefits:
  • Very low interest rate (set around CPI)
  • No additional fees
 
The Wyatt Loan
If you’ve lived in South Australia for at least 5 years, and earn less than $40,000 per year after tax,  the Wyatt Loan could help you get started.  It’s added to your standard HomeStart Loan which has the usual repayment and interest rates applied. Offered with the support of the Wyatt Benevolent Institution.
 
Key benefits:
  • Interest free for five years
  • Repayment free for five years
 
The EquityStart Loan
If you’re a current public housing tenant, the EquityStart Loan is a special loan to help you buy your own home. It offers an additional loan of up to $50,000, on top of what you could normally borrow with HomeStart. It’s added to your standard HomeStart Loan which has the usual repayment and interest rates applied
 
Key benefits:
  • Can buy the home you’re living in, if it’s for sale, or on the private market
  • Very low interest rate (set around CPI)



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