interest-free loans

$10000 interest-free loans for more first home buyers under expanded SA scheme

PHOTO: Funding for the program has increased by $3 million to include low and moderate-income earners. Source: Supplied

More South Australians can achieve their dreams of home ownership with the state government expanding its ‘Starter Loan’ scheme eligibility criteria.

South Australians looking to buy their first home will now have additional help to achieve their dream.

A $3 million expansion of the state government’s ‘Starter Loan’ program — now totalling $10 million over seven years — will provide borrowers with interest-free loans of up to $10,000 for five years.

The scheme aims to help with upfront costs associated with buying or building a new home, such as stamp duty, fees and charges.

It is in addition to the state government’s $15,000 First Home Owner Grant, and the federal government’s $25,000 Home Builders Grant.

Under the changes, singles earning less than $65,000 a year and couples with a net household income of less than $90,000 are now eligible.

Couples earning less than $90,000 and singles making less than $65,000 a year are now eligible.

Couples earning less than $90,000 and singles making less than $65,000 a year are now eligible. Source: Supplied

Up to 1000 loans could be offered to assist South Australians by 2026, according to Treasurer Rob Lucas.

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