A South Australian Government-backed lender is celebrating after reaching impressive milestones and presenting research on a global stage.
HomeStart Finance has now reached $2billion in total lending since the group began in 1989. One product in particular has seen success. The HomeStart Graduate product recently achieved $1.1b in loans since it launched in 2003. More than $500m of this was in the last three years.
The non-bank, with the help of its graduate product, supports those with higher education in getting a home loan.
HomeStart representatives recently went to Washington to present a paper on how educational qualifications can be used as a predictor of home loan success. CEO John Oliver and head of strategic development Andrew Milles attended the 8th Global Housing Finance Conference hosted by the World Bank Group on May 31st.
Most recently, HomeStart Finance was asked to present a paper to the 8th Global Housing Finance Conference, hosted by the World Bank Group. The non-banks research paper explores how educational qualifications can be used as a predictor of home loan success.
The theme for the 2018 conference was ‘Breaking the Mould – New Ideas for Financing Affordable Housing’. Milles and Oliver led the group through HomeStart experiences with using education as part of the credit decision and how this can be an effective alternative means of assisting a potential borrower to obtain finance.
HomeStart head of retail Deborah Dickson said, “The HomeStart Graduate Loan, with its low deposit and flexible repayment options, has been extremely attractive to borrowers who have recently completed higher education study. Thanks to HomeStart Finance, more graduating students have been able to secure their first homes without the fear of large financial stresses.
“At HomeStart Finance, we strongly believe educational qualifications are an essential feature of developing a case for prospective borrowers and that it should be more widely used in housing finance systems across the globe, particularly in credit assessments. And that is the primary message we hope audiences at this global forum will take away and consider for their own lending practices and organisations.”
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