
Record lending to first homebuyers through HomeStart
Release date: 18/03/25
First homebuyers taking advantage of HomeStart’s low deposit loans, have sparked record lending of $932 million over the past year.
In 2024, lending to first homebuyers increased by 7 percent on the previous year, with 1768 loans settled.
There was also a record number of construction loans, with 1255 settled, more than 40 per cent higher than in 2023.
This result reflects the government’s push to increase housing supply by waiving stamp duty for first homebuyers who build or purchase a new property.
It’s been further reinforced by latest data from the Australian Bureau of Statistics (ABS), which shows that in the January quarter of 2025, the number of new dwellings approved in South Australia rose by 17 per cent.
Overall, the number of loans settled by HomeStart in 2024 hit a twenty year high, with 2811 settled at more than $1.25 billion worth of lending.
Unlike the major banks, and to make it easier for South Australians to enter the housing market, HomeStart does not charge Lenders Mortgage Insurance, saving homebuyers thousands.
Quotes
Attributable to Stephen Mullighan
These record lending results for first homebuyers show just how important HomeStart is in providing a pathway for South Australians to get into home ownership.
HomeStart is making it possible for thousands of people unable to get finance from the traditional banks, to achieve their dream of home ownership.
By abolishing stamp duty for first homebuyers who buy or build a new home, expanding the First Home Owner Grant and offering HomeStart low deposit loans, we’re making it easier for South Australians to purchase their first home.
Attributable to HomeStart CEO Andrew Mills:
With cost-of-living pressures impacting many South Australians, HomeStart is proud to be making a difference to those struggling to buy a home.
Our record construction-related lending is also playing an important role in increasing the supply of new houses - an important step in addressing the housing crisis.
For most of our customers, securing a loan through traditional lenders isn’t an option.
That’s why HomeStart’s innovative loans are opening doors to home ownership for more people.

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