Home Ownership, Help For Single Parents, Older Singles And First Home Owner Buyer Key Workers - Service NSW

 

Are you planning to buy your own home one day? Then you should know about Shared Equity Home Buyer Helper – the NSW Government initiative that makes it easier and much more affordable for eligible people to buy a home.   How does Shared Equity make it easier? With Shared Equity, the NSW Government lightens the load of a mortgage by contributing up to 40% of the purchase price of a new home and 30% towards an existing house. In exchange, the Government holds an equity share in the property – but the home is yours.   Are there other advantages? Yes. As well as allowing participants to pay a deposit of just 2%, Shared Equity means lower repayments on a smaller loan amount, and no need for expensive lender insurance. You won’t pay interest or rent on the Government’s equity share, either.   Who's eligible to apply? singles aged 50 and over single parents of a dependent child first home buyer key workers employed as: police officers paramedics, registered nurses and midwives teachers and early childhood educators. Single applicants must earn less than $93,200 and joint applicants have a combined income of less than $124,200. What other criteria are there? You’d need to have a deposit of at least 2% of the purchase price, plus the funds to cover related costs of buying a property such as solicitor/conveyancer fees, building inspections, etc. You need to be able to service a loan with the help of the NSW Government’s contribution. However, if you’re able to secure a loan without needing the NSW Government’s contribution, you won’t be eligible.   What else do I need to know? You can use Shared Equity to purchase a house, home and land package, townhouse, apartment or unit. The price threshold is $950,000 for homes in Sydney and major regional areas and $600,000 for homes in other regional areas. Once you’ve purchased the home, it must become your principal place of residence – that is, you must live in it yourself. Other ongoing criteria apply and your participation in the program is subject to eligibility reviews every 2-5 years. If you have capacity to do so, you’re welcome to make voluntary payments to increase the amount of equity you hold.   How do I apply? Visit nsw.gov.au/shared-equity to check your eligibility and find out how to apply through one of two approved lending partners – Bendigo Bank and Unity Bank.

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