$10,000 interest-free loans for more first home buyers under expanded SA scheme
More South Australians can achieve their dreams of home ownership with the state government expanding its ‘Starter Loan’ scheme eligibility criteria.
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South Australians looking to buy their first home will now have additional help to achieve their dream.
A $3 million expansion of the state government’s ‘Starter Loan’ program — now totalling $10 million over seven years — will provide borrowers with interest-free loans of up to $10,000 for five years.
The scheme aims to help with upfront costs associated with buying or building a new home, such as stamp duty, fees and charges.
It is in addition to the state government’s $15,000 First Home Owner Grant, and the federal government’s $25,000 Home Builders Grant.
Under the changes, singles earning less than $65,000 a year and couples with a net household income of less than $90,000 are now eligible.
Up to 1000 loans could be offered to assist South Australians by 2026, according to Treasurer Rob Lucas.
“This is a significant initiative that will help ensure the great Australian dream of home ownership is a reality for many more South Australians,” he said.
“The scheme is already proving successful, with 144 Starter Loans settled since its launch in September last year.”
He said increased demand was expected as a result of the eligibility criteria expanding.
“We know how hard it can be for many people to save for a deposit and other upfront costs associated with a home loan, let alone in the current COVID-19 climate, and we are pleased to be able to help,” Mr Lucas said.
“This will also have positive flow-on benefits for the local housing industry more broadly as more South Australians enter the property market, either through existing homes or new home builds.”
Originally published as $10,000 interest-free loans for more first home buyers under expanded SA scheme