Getting into the housing market in South Australia might have just become a little more achievable, with the State Government fast-tracking an expansion of low-deposit home loan options.
The State Government has rolled out changes to its HomeStart scheme, widening eligibility and lifting income caps in a move designed to help more South Australians secure their first home.
At the centre of the changes is the popular Graduate Loan, which allows eligible buyers to enter the market with as little as a 2 per cent deposit. The scheme has now been extended to include police officers, firefighters and Technical College graduates, opening the door to a broader group of essential workers and young professionals.
The update means newly eligible applicants could save up to $25,500 on upfront costs when purchasing a home valued at up to $850,000, compared to a standard 5 per cent deposit.
Income thresholds have also been significantly increased across other HomeStart products. The Advantage Loan and Starter Loan, previously capped at lower income levels, are now available to individuals and households earning up to $110,000, expanding access to a wider range of buyers feeling the pinch of rising property prices.
The Starter Loan offers up to $10,000 to help cover upfront costs, with no interest or repayments required for the first seven years, while the Advantage Loan allows buyers to borrow more without increasing their monthly repayments, helping bridge the gap between savings and increasing house prices.
Treasurer Tom Koutsantonis shared, “Whether it’s a graduate coming out of Tech College, a firefighter protecting our suburbs, or a young family stretching to meet upfront costs, this expansion is about removing barriers and giving people a real shot at home ownership.”
Minister for Housing and Urban Development Nick Champion added, “Our police and firefighters put themselves on the line for our community every day. They deserve the security of owning their own home.
“Our Tech College graduates are the essential workers powering South Australia’s future, and now we’re making sure they have a pathway not just into a great career, but into a home of their own.
“We have enacted these changes straight away, and now more South Australians than ever have a genuine pathway into the housing market.”
With housing affordability continuing to dominate conversations across the state, the expanded scheme is expected to provide a much-needed boost for first-home buyers, particularly those who might have previously missed out under stricter criteria.
And with the changes already in effect, more South Australians than ever now have a pathway to getting their foot in the door.
