HomeStart Finance

1392 The Hon. A. PICCOLO (Light) (24 September 2019). What in your view, are some of the major benefits to homebuyers of HomeStart Finance's low deposit loan scheme?

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

Both of HomeStart's low deposit loan options (the graduate loan and the low deposit loan) provide the opportunity for homebuyers to purchase a home with as little as 3 per cent deposit, plus fees and charges, and without lenders mortgage insurance (LMI). This compares with a typical minimum of 5 per cent through most mainstream lenders, which will typically also require LMI. Customers who take either product are therefore able to purchase a home with less money up-front than if they purchased using a typical mortgage.