Mortgage Choice has added a state government organisation to its residential lender panel, enabling its South Australian brokers to access its low-deposit loan products.
The major brokerage group has announced that it has welcomed HomeStart Finance to its lender panel.
HomeStart is a state government organisation that is focused on getting more South Australians into their own homes in more ways.
Created by the South Australian government in 1989 in response to high interest rates and a lack of affordable home loan finance options, the lender has since reportedly helped more than 75,000 South Australians buy their own home.
According to the group, around 90 per cent of HomeStart’s customers would not have been able to secure a loan from a mainstream lender at the time of their application. The lender provides borrowers with low deposits and offers shared equity options.
Mortgage Choice chief executive officer Susan Mitchell commented: “We’re delighted to welcome HomeStart to our panel and help more South Australians realise their dream of home ownership.
“Mortgage Choice franchise owners are excited to be able to offer more choice to their customers through this latest partnership.”
Ms Mitchell continued: “HomeStart has lowered a well-known barrier to entry, giving more buyers in South Australia the opportunity to get into the property market sooner, with products such as the Graduate Loan getting people started from as little as 3 per cent deposit plus upfront costs.”
Speaking about the partnership with Mortgage Choice, HomeStart CEO John Oliver added that the group was “delighted” to be joining the lending panel for Mortgage Choice in SA.
“Mortgage Choice has a great brand in the marketplace, strongly supported by its skilled network of mortgage brokers who can provide expert knowledge and advice,” he said.
“HomeStart offers a unique range of lending products, and I am confident that, together, we can make home ownership a reality for more people in South Australia,” Mr Oliver concluded.