» Greater flexibility of where to purchase for those on a limited income
» Can provide an additional $45,000 to your HomeStart loan
» Lower interest rate than a regular home loan
» Allows you to borrow more without increasing your monthly repayments
To be eligible, your household income must be less than $60,000 per year ($1,154 per week) after tax. You’ll also need to borrow the maximum HomeStart loan amount you’re eligible for
Repayments to your Advantage Loan are voluntary.
You are not required to repay the loan until: » you pay out your HomeStart Loan, or » sell the home, or » move house (the home is no longer your main place of residence).
You can make voluntary repayments to your Advantage Loan at any time