SmartShare FAQ | HAS SmartShare

Question 1

Will I own 100% of my home?

Accepted Answer

Yes. The property is registered in your name from the day you settle. Your first lender holds the first mortgage, and HAS holds a registered second mortgage as security for its shared equity facility. You are the sole owner of the property. HAS does not appear on your title or share ownership.

Question 2

What happens after the 3-year minimum term?

Accepted Answer

The first three years are your minimum term with HAS. After Year 3, you can choose to refinance or repay the HAS facility without an early exit fee, provided you meet your first lender's refinancing requirements. The HAS facility remains on a fixed, interest-only term for the first five years, giving you greater repayment certainty while you continue building equity. Many HAS customers choose to refinance between Years 3 and 4 as their equity position improves. Speak with your broker or our Customer Support team to understand the right timing for your circumstances.

Question 3

Can you show me how the exit works?

Accepted Answer

Yes. Here is a worked example using real figures: Worked example · refinance at year 5 Purchase price$750,000HAS contribution (17.5%)$131,250Refinance value$900,000Capital gain$150,000HAS share of gain (17.5%)$26,250Total HAS receives at exit$157,500 Your share of gain (82.5%) = $123,750. In this example, the property grew by $150,000. HAS received $26,250 of that growth. You kept $123,750 of the gain — plus all the equity you built through your first lender repayments over the loan period.

Question 4

Is HAS the same as a government shared equity scheme?

Accepted Answer

No. HAS is a private arrangement, not a government scheme, and the structure is different. With most shared equity schemes, the government co-owns a share of your home. With HAS SmartShare, you own 100% of the property from day one. HAS holds a second mortgage, not a share of the title, and participates in a portion of the property's capital gain when you refinance or sell.

Question 5

How does the 2.5% deposit work?

Accepted Answer

Three contributions work together to help you reach a combined 20% deposit, keeping your first home loan at or below 80% and helping you avoid Lenders Mortgage Insurance (LMI). Your contribution: from as little as 2.5% of the purchase price, plus purchase costs. HAS Base contribution: 17.5% provided as a second mortgage. Your first mortgage lender: up to 80% of the purchase price.

Question 6

Does my 2.5% contribution need to be genuine savings?

Accepted Answer

No. It may come from a family gift, inheritance, sale of assets, an employer bonus, or similar sources. The source will still need to be verified and accepted.

Question 7

Do I need more than 2.5%?

Accepted Answer

Yes. The 2.5% is your deposit contribution, calculated as 2.5% of the property's purchase price. You'll also need to budget for purchase costs such as stamp duty (where applicable), conveyancing and legal fees, independent legal advice (required for every HAS loan), building and pest inspections, insurance, and moving costs.

Question 8

Can I use first home buyer grants or stamp duty concessions with HAS?

Accepted Answer

Yes, if you qualify. HAS can generally be used alongside eligible grants or stamp duty concessions. Your broker, solicitor, or conveyancer can confirm what applies in your state or territory.

Question 9

Why do I need independent legal advice?

Accepted Answer

Every HAS loan requires independent legal advice before you sign. This ensures you have received impartial, professional guidance on the structure, your obligations, the second mortgage and what happens when you refinance or sell. The cost is your responsibility and cannot be added to the loan.

Question 10

Who is HAS designed for?

Accepted Answer

HAS is designed for buyers who can afford loan repayments and have stable income, but do not yet have a full 20% deposit saved. The hurdle is the deposit, not the repayments.

Question 11

Is HAS only for first home buyers?

Accepted Answer

No. HAS helps eligible Australians at different stages of their home ownership journey. Whether you're buying your first home, re-entering the market after a life change, or purchasing your next home, HAS is designed for people who can service a home loan but need help bridging the deposit gap.

Question 12

Can I apply if I am self-employed or have non-standard income?

Accepted Answer

Possibly. Non-standard or variable income can be more complex to assess, but it may be considered if it can be verified and accepted by both the first mortgage lender and HAS. Check your scenario early with a HAS specialist or accredited broker.

Question 13

Does my credit history matter?

Accepted Answer

Yes. HAS assesses your credit history, income, liabilities and overall ability to service the loans. HAS is designed for responsible borrowers with acceptable credit.

Question 14

What security does HAS hold?

Accepted Answer

HAS holds a registered second mortgage over the property. Your primary lender holds the first mortgage, while you remain the 100% owner of your home. HAS does not appear on your title or share ownership. It simply holds a registered second mortgage as security for its shared equity facility.

Question 15

What happens during the first 3 years?

Accepted Answer

The first three years are the minimum term of the HAS shared equity facility. During this period, the facility is fixed and interest-only. After the minimum term, you can choose to refinance, sell the property or repay HAS, subject to the terms of your facility.

Question 16

Can HAS help me avoid Lenders Mortgage Insurance?

Accepted Answer

Yes, for most eligible buyers. Because the HAS shared equity facility provides up to 17.5% of the purchase price, your primary lender's home loan can be kept at 80% of the property's value. Lenders Mortgage Insurance (LMI) is typically charged when a home loan exceeds 80% of the property's value, so keeping your primary lender's loan at or below 80% generally means you can avoid paying LMI.

Question 17

Do I need to share my title with HAS?

Accepted Answer

No. HAS holds a second mortgage over the property, not a share of the title. Your name, and only your name, is on the title from day one.

Question 18

What happens if the property value falls?

Accepted Answer

HAS is repaid the original equity amount regardless of market movement. HAS does not share in losses.

Question 19

Can I renovate or extend?

Accepted Answer

Yes. Your home is yours to improve. If your plans involve borrowing against your home's equity, please contact HAS first. Our goal is to help you protect the equity you're building and ensure any additional borrowing supports the long-term value of your home, rather than reducing your future equity position.

Question 20

What if I want to sell before Year 4?

Accepted Answer

You can sell or refinance your home at any time. If you choose to exit during the first three years, an early exit fee will apply and the HAS facility will be repaid in accordance with your loan agreement. Before making any decision, we recommend speaking with your broker. Shared equity is designed to help you build equity over time, so it's important to choose the right time to sell or refinance to maximise the value you've built.

Question 21

Is there ongoing interest on the HAS portion?

Accepted Answer

Yes. The HAS shared equity loan has a fixed interest-only period for the first five years. Payment assistance is built into the facility to help reduce your repayments while you establish yourself in your home, build equity and work towards refinancing the HAS facility in the future.

Question 22

How is property growth calculated?

Accepted Answer

Property growth is the difference between the property's value at exit and its original purchase price.

Exit value minus purchase price equals capital growth.

The shared equity percentage is agreed when your loan is established and varies for each customer. It depends on factors such as the purchase price, your deposit, your primary lender's home loan and the total HAS shared equity facility required. While 17.5% is a common example used throughout our website, your agreed shared equity percentage may be higher or lower.

At exit, HAS receives its agreed shared equity percentage of any capital growth, together with repayment of the HAS shared equity facility, in accordance with your loan agreement.

Question 23

Do I share the full property value or only the growth?

Accepted Answer

Only the growth. HAS shares in an agreed percentage of your property's increase in value, not the full value of your home. The agreed shared equity percentage is set when your facility is established and is outlined in your loan agreement.

Question 24

What happens if I sell the property?

Accepted Answer

If you sell your property, you'll need to provide HAS with a copy of the Contract of Sale. This allows us to calculate the final repayment amount in accordance with your loan agreement. Following settlement, your primary lender and the HAS shared equity facility are repaid from the sale proceeds, with the remaining proceeds paid to you.

Question 25

How do I get started?

Accepted Answer

The best first step is to check whether you may be eligible before you commit to a property. You can speak directly with your mortgage broker, or contact HAS to source an accredited broker, to review your scenario. There are over 500 brokers accredited with HAS Australia-wide.

Question 26

Will checking my eligibility affect my credit score?

Accepted Answer

An initial scenario conversation should not affect your credit score. A formal credit application may involve a credit enquiry. Before you proceed to a full application, ask your broker or HAS specialist when a credit check will be made.

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