Shared Equity Home Buyer Helper

Posted 17 Feb '23

Shared Equity Home Buyer Helper

Are you wanting to own your own home, but have always felt that it’s out of reach?

The NSW Government have a new program which aims to help those who may struggle to purchase a home on their own.

The initiative is open to:

• single parents of a dependent child or children

• single people 50 years of age or above, or

• first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators or police officers.

The Shared Equity Home Buyer Helper is an initiative where the government will contribute a portion of the purchase price in exchange for an equivalent interest in the property.

For new homes, this portion can be up to 40% or for existing homes 30% and as long as the participant remains eligible, no repayments will be required, and no rent or interest will be charged. Participants can make voluntary repayment if they wish to increase their ownership percentage of the property.

With as little as 2% deposit, eligible NSW home buyers may now be able to own their own home.

To be eligible you must:

• have a gross household income of no more than $90,000 for singles and $120,000 for couples.

• buy a home with a property price no more than $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or no more than $600,000 in other regional areas.

• be at least 18 and an Australian or New Zealand citizen, or a permanent Australian resident.

• have a minimum deposit of 2 per cent of the purchase price.

• occupy the property as your principal place of residence.

More information on the NSW Government website: https://www.nsw.gov.au/housing-and-construction/shared-equity

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