Helping eligible Aussies buy their first home
Are you:
- a single parent?
- single and over 50?
- a nurse, midwife, paramedic, teacher, early childhood educator or police officer?
Well, the NSW Government is helping to make homeownership more affordable for you.
Hoorah! Now tell me more
The NSW Government is launching an initiative to make home ownership more achievable for single parents, older singles and key worker first home buyers who only need as little as a 2% deposit.
It’s called the Shared Equity Home Buyer Helper scheme.
How the scheme works
In a nutshell, the NSW government will essentially contribute a portion of the purchase price in exchange for the equivalent interest in the property.
New homes can receive a contribution of up to 40% and existing homes up to 30%.
Those who receive the contributions do not need to repay the government, and will not be charged rent or interest.
However, the homeowners can make voluntary repayments to increase their share of the property and decrease the government interest in their property.
Am I eligible?
The scheme is open to single parents with dependant children, singles over 50 and key workers who earn no more than $90,000 for singles and $120,000 for couples.
The property must be purchased within NSW and be under the maximum property prices as follows:
- $950,000 in Sydney and major regional centres including Newcastle & Lake Macquarie, Illawarra, Central Coast and North Coast of NSW
- $600,000 in other regional areas of NSW
To apply you must:
- be over 18 years
- be an Australian or New Zealand citizen
- not own any other property
- occupy the property as your principal place of residence
- have a 2% deposit as a minimum
More information on the eligibility criteria can be found on the NSW Government website.
If you’d like to have a chat with one of our Financial Advisors, book an appointment today.
