Changes Announced for Starter Loan Scheme

house Binyamin Mellish pexels

A new push from the state government is set to see hundreds more low and moderate-income earners achieve homeownership as part of a three million dollar expansion of the starter loan scheme.

The scheme provides interest-free loans of up to 10 thousand dollars to assist in covering upfront costs, such as stamp duty, fees, and charges.

The changes announced by treasurer Rob Lucas yesterday has expanded eligibility for singles and couples, which Mr. Lucas says could lead to as many as a thousand loans offered by 2026.

Mr. Lucas said “The scheme is already proving successful, with 144 Starter Loans settled since its launch in September last year, and we would expect to see increased demand as a result of the expansion of the eligibility criteria to include moderate-income earners.”

He also expects the funding will lead to positive flow-on benefits for the local housing industry, with more South Australians enter the property market, either through existing homes or new home builds.

To find out more about the Starter Loan scheme, please visit our website [click here]





Image credit: Binyamin Mellish, Pexels