HomeStart Finance Questions & Answers
Hi anyone used the shared Equity loan recently? Thoughts?
It is a terrible option. If you take it out, you will never pay a cent off your mortgage. If you sell or go to remortgage, you end up owing them more than the original full combined loan amount. We held one of these for 8 years, and despite making all loan payments, we had to pay more than we borrowed to get out of it. Also, they will try and force you to go with a 40% equity loan, even though your finances might afford you to go more than 60% with the main loan. You must press them to adjust the main loan up to what you can afford, and reduce the equity percentage. We ended up with 28% equity loan. And despite that, it was still a rort, when we came To exit. If I had my time again, I would just go with a main lender, take on the LVI insurance, which is just added to your loan, and avoid these sharks
Is homestart good? Do they try their best to get you into your own home? I’ve just applied for a home loan, I’ve passed all the first stuff deposit wage credit check etc etc so just hoping it’s all going to be ok, sick of renting
Hi who have tried the Equity Share Loan of home start? Is it good to use? Any feedback please..
Hi I was just wondering how much morgaige repayments go up annually
Has anyone had homestart call and say you owe an extra 8k due to delays on available trades? I am keystart and I thought they couldn’t do that.
How long do I have to seay with homestart before I can refinance with another lender
When your LVR (Loan to Value Ratio) is at least 80% that way you can avoid paying huge LMI (Loan Mortgage Insurance) or pay minimal if moving to banks. Start by checking the value of your property. You can get a free property report from ANZ. Then workout how much you have paid on your loan plus the amount you need to borrow. Its best to speak to a mortgage broker or bank lender. I am just sharing an experience.
I am on job since 2 years and no problems with gross income. Its just that havent saved for deposit. What is the minimum deposit/stamp duty i am looking at if i want to go for a 450 k property? Do home start also finance stamp duty ?
How long is the current lead time for pre-approval for Homestart? Thanks
the actual costs involved with terminating an owner occupier home with homestart SA. I don't just mean the cost of discharging the mortgage. but more importantly any interest charges payable for terminating the mortgage ealy. eg. after only three years. Thankyou, Dean
How long does pre-approval process takes? Our application was forwarded 4 weeks ago with all the document needed by our broker, until now we havent received any approval from homestart.
We submitted end of October and still haven’t got the pre—approval until this time. Have you got yours yet?
By now I believe you already receive your pre-approval or maybe also the final approval. How long did you receive you pre-approval? Thanks
jUST wondering if I buy a house for $200000 how much deposit do I have to Have with homestart we have 20000 dollars put away would they lend it to us we are both on disability support pension any feed back would be great
Ask homestart. RUlls change regullary.
Hi Fee, we got the first home buyers and we were both working, we had minimal deposit, I can't quite remember, they were very demanding when I lost my job but in complete contrast I have recently had major surgery and was not able to work for 2 months... just ask and get the full facts.. they do raise the repayments every year so make sure your budget can cope with this.. good luck
ring them! its the only way you will know!! best of luck!! :)
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