Empowering clients towards financial capability
Head Start Homes has now provided savings plans to 175 households, empowering clients towards improved financial capability.
This figure represents a 288% increase(45 households) since February 2023 and a 1066% increase (15 households) since August 2022.
The Savings Plan, provided as one of HSH’s Empowerment Services, educates eligible clients to become more financially capable and mortgage-ready. This includes access to a dedicated HSH support person, budgeting resources and credit check support. If a client is under financial stress, they will be referred to a financial counsellor.
HSH Founder and Managing Director, Stephen Woodlands, said the figures reflected the positive impact of their Empowerment Services.
“Currently we have 78 clients engaged on Head Start Savings Plans,” he said. ”On average, HSH’s HomeStarter clients have increased their savings by 157% as a result of being on Savings Plans, which is just remarkable.”
Data as of August 2023 also shows:
- 28 households have been referred for support by a free financial counsellor and assisted with getting a credit score;
- 22 households have achieved their savings buffer;
- 13 households have been referred to a bank for borrowing capacity or loan assessment;
- 10 households have been provided with pre-approval from a bank;
- 9 clients who have purchased a home with HSH assistance.
Kera is a single mother of two and kin carer of two small children, who, through the support of Head Start Homes, purchased the social housing property her family had called home for 17 years.
“The Head Start Homes Team supported me in my savings plan goals and helped me along the way, and built my confidence that my savings were enough,” Kera said.
“They really kept me on track.”
HSH HomeOwnership Success Manager, Kate Fenton said almost every one of the 78 families on savings plans had increased their savings by at least 20%.
“One family increased their savings by 357% - when they began in August 2021 they had $7,000 in savings and $14,000 in debt. Today they have cleared that debt and have $18,000 in savings,” she said.
“They are just one of many families at HSH who have regularly engaged with our savings plan and had amazing outcomes.”
One HSH client who is on a savings plan said having the HSH team support her has been rewarding and educational.
“Knowing there’s a team wishing you the best makes you not want to disappoint yourself or them, and to try harder,” she said.
“It’s made me realise I may have been more of a frivolous spender than I thought I was, and having savings is important to get ahead in life.
“I really appreciate the thoughtfulness of the team who check in on me and the monthly plan is a huge reminder that we have people who believe in our ability to save, which keeps us headstrong.”
For several of our clients, who received a copy of The Barefoot Investor many have said they would be applying some of the book’s principles to their own savings.
One client has saved $50 a month by no longer buying takeaway coffees and now considers their purchases more carefully.
Many of our clients who have read the book plan to pass the book on to other HSH clients.
About Head Start Homes
With our vision for a safe and stable home for everyone with fair and practical pathways to home ownership, Head Start Homes is advancing a more equitable home ownership system by disrupting homelessness, intergenerational poverty and cycles of disadvantage.
We achieve this by providing innovative products and services that empower our clients to achieve their home ownership dreams and exit rental accommodation. To be eligible, clients must meet income thresholds or live in social or affordable housing. Most of our clients are single mums, First Nations Peoples or households with a disability.
With the support of more than 100 businesses, government agencies and charities, we foster innovation and collaboration to achieve our vision. We are accredited as a not-for-profit, tax-exempt community service organisation.
*Terms, conditions and eligibility criteria apply. Subject to availability and funding. Head Start Homes is not a home loan lender and does not provide financial advice. Head Start Homes Limited ACN 620 944 532
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