HomeStart Finance

1386 The Hon. A. PICCOLO (Light) (24 September 2019). With reference to HomeStart Finance's interest free deposit gap loan scheme, according to the scheme, eligible customers will receive an interest free loan of up to $10,000 for five years. Does this mean that the deposit gap loan period lasts for up to five years?

The Hon. S.K. KNOLL (Schubert—Minister for Transport, Infrastructure and Local Government, Minister for Planning): I have been advised by HomeStart Finance:

The interest free deposit gap loan is being communicated to the public under the name 'Starter Loan'. The Starter Loan has a five-year term, with no repayments required or interest charged during those five years. Voluntary repayments may be made at any time.

At the end of the five years, if the Starter Loan is not paid in full, the customer's circumstances will be reviewed and all or part may be transferred to the customer's primary HomeStart loan balance. Depending on individual circumstances, all or part of the Starter Loan may be extended by HomeStart.