Home Loans Adelaide

We’re here to help you get the best deal buying a property in Adelaide

Last updated on April 20th, 2022 at 11:46 am by Cate Cook

Property prices in Adelaide are still very reasonable compared to Sydney, Melbourne and Brisbane, but they’re catching up. The Adelaide home loan market is now very competitive with lots of lenders vying for your business.

Savvy can help you find the best home loan rates for your investment property, first home or upgrade.  We compare lenders to give you access to the best mortgage deals currently available in South Australia, with the lowest interest rates and plenty of additional features to choose from.

Features available for home loans in Adelaide

Compare from the lowest interest rates

Whatever type of borrower you are, you can find and compare the most competitive interest rates available to suit your needs right here with Savvy.

Choose variable or fixed interest

Whether you’re after a variable, fixed or split rate home loan, compare different types and choose the home loan type that’s just right for you.

Flexible loan terms

Select your loan term up to 30 years to decide how long you’ll take to own your home outright, shaping your repayments to be manageable for your situation.

Offset accounts available

Linking an offset account to your home loan can be a highly effective way to chip away at your loan principal bit by bit without having to pay any interest on your deposits.

Pay off your loan early

If you’re looking to save on interest and fees even further across your loan, you can compare lenders who offer additional and early repayments free of charge.

Options for investors

Competitive principal and interest and interest-only loans with tons of extra features are available for savvy investors who want to stay ahead in the property investment market.

Why so many South Australians trust Savvy to find their home loan

How to increase your home loan approval chances in Adelaide

More frequently asked questions on Adelaide home loans

Can I get a home loan if I’m self-employed?

Yes – with around 17% of Australians self-employed, there are now many options for the self-employed and contractors to get home loans.  You’ll be asked to provide evidence of your income, usually by providing your tax returns from at least the past two years.  If you don’t have these, you might be required to look for a low doc home loan instead.

How much will my stamp duty be in South Australia?

The formula used to calculate stamp duty in South Australia is complex and depends on many factors, such as the intended use of your property and the nationality of the purchaser.  Use the SA Government stamp duty calculator to find out how much stamp duty you will be required to pay.

What other costs will there be when I buy my home?

Additional expenses you should take into consideration when planning to buy your home include: 

  • Lender fees and establishment costs – allow between $500 and $1,000, but some lenders offer no-fee loans
  • Legal and conveyancing fees – between $1,000 and $1,500
  • Building and pest inspections – these depend on the size and type of property but typically allow between $600 and $900
  • Home and Contents insurance – all lenders will require you to insure your property from the date your offer is accepted on your new purchase
What if I can’t afford a 20% deposit?

It is possible to get a home loan with only a 5%, 10% or 15% deposit by taking advantage of first home buyers’ schemes, applying with a guarantor or providing other security such as investment funds or another property as security.   Alternatively, some lenders will offer these to borrowers who are willing to take out Lenders Mortgage Insurance (LMI), which will add further to the cost of your loan.

How much will my mortgage repayments be?

How much you have to repay on your loan will depend on how much you borrow, the term of your loan and your interest rate, the latter of which is shaped in itself by a variety of personal factors like your credit score and employment stability.

In Adelaide in 2021, the average monthly mortgage repayment was $1,733, equating to $433 per week, according to Australian Census data.  South Australia’s average house price was $720,000 for a three-bedroomed house, and the average weekly rent was $450 per week.

Is there help for first home buyers in South Australia?

In South Australia, the state government’s assistance package to first home buyers is known as the First Home Owners Grant (FHOG).  This allows first home buyers a grant of up to $15,000 to assist with the purchase of a new home.  

Most first-time buyers use this $15,000 grant to assist with reaching their 20% deposit, although how you use the grant is up to you.  Some couples use the FHOG grant to upgrade fixtures and fitting on the home they’re building, or to upgrade from a single to a double garage.  To be eligible for FHOG you must:

  • be an Australian citizen over 18 years of age
  • be building or buying a new home that costs less than $575,000
  • intend to live in it for at least 12 months
I want to build my dream house. Can I get a loan to buy land and build?

Yes – if you’re planning to build your new home, you can choose a construction loan, which allows you to pay your builder at key construction milestones.   In addition, there are specialised house and land package loans where the first drawdown you make is to buy your land and subsequent drawdowns pay for each stage of construction.