South Australians desperately trying to break in the housing market now have another 10,000 reasons to smile, with one builder teaming up with a major lender to double its existing contribution to fast-track home ownership.
Thanks to a partnership between the state’s largest home builder and land developer Hickinbotham Group and the Government-backed lender HomeStart, SA’s first home buyers can now access $20,000 to help them climb start climbing the property ladder through a low-deposit loan.
In an industry first, the builder has doubled its support of the 2 per cent deposit construction home loan option available through the SA Government-backed lender HomeStart, contributing $20,000 instead of its original $10,000 to assist in lowering upfront costs or managing construction-phase expenses for eligible applicants.
The Hickinbotham Group’s Michael Hickinbotham. Supplied
Hickinbotham Group managing director Michael Hickinbotham said there was nothing more satisfying for his team than handing over the keys to a family’s first home.
“Hickinbotham has always believed in the power of home ownership to help people create stability and security for their families. It is why we’ve partnered with HomeStart on the low-deposit loan initiative,” he said.
“We are dedicated to doing our part to address the shortage of housing. For over 70 years we’ve been finding smarter ways to build homes and today we guarantee an industry-leading 24-week build.
“Helping South Australian first home buyers is a privilege and we are pleased to now
be offering even greater assistance. We look forward to seeing more customers access the new $20,000 incentive.”
HomeStart chief executive Andrew Mills. Picture: Supplied
HomeStart CEO Andrew Mills said the lender had helped more than 94,000 South Australians into home ownership since 1989.
“By offering low deposit loans and other options to make home buying more affordable, we help turn the dream of home ownership into a reality for more people,” he said.
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“The relationship between builders and lenders matters because customers need clear information, realistic budgets and confidence that their finance is structured for all stages of a build.
“Customers who build with one of our partner builders are eligible for additional benefits.
“We’re excited that Hickinbotham Group has become the first of our partner builders to increase its builder contribution from $10,000 to $20,000.”
Jade Barry, Ethan Skelton and their dog Baxter have just bought their first home through Hickinbotham Group and HomeStart. Pic: Brenton Edwards.
Jade Barry, a 21-year-old childcare worker, and her abrasive blaster partner Ethan Skelton, 24, decided to enter the housing market on their third anniversary as a couple, buying a $702,000 Hickinbotham house and land package at Munno Para with a low-deposit loan through HomeStart.
“We made up our minds it was time to buy and really knuckled down to save a deposit. It’s pretty tough when you’re young and with day-to-day expenses going up but we had our end goal in mind,” Ms Barry said.
“For us, owning our own home is about security and creating a place where we feel comfortable. We hope to one day have a family, so this will be our forever home.”
“We were really pleased to find out Hickinbotham was helping us out with the builder contribution which is assisting with the upfront costs. It’s great to see a builder also recognise the challenges young people face trying to own their own home,” Ethan said.
“That combined with the First Home Owner Grant and waiving of stamp duty, it’s enabled us to get a foot in the door.
“This is going to be our little part of the world and we’re feeling proud about that.”
Househunters looking to access the $20,000 contribution must buy a house and land package through Hickinbotham, SA Housing Centre or Statesman Homes and meet HomeStart’s eligibility criteria.
Eligible buyers also get the first homeowners grant and benefit from the State Government’s stamp duty abolition for first home buyers on new homes or vacant land.
Michael Brown MP Picture: Supplied
Acting minister for housing and urban development Michael Brown said HomeStart was one of the most powerful tools the State Government had to help South Australians into their own homes.
“Whether it’s a graduate coming out of Tech College, a firefighter protecting our suburbs, or a young family stretching to meet upfront costs, this additional support will help more South Australians get a foot in the door of home ownership,” he said.