Are you dreaming of owning your own home but struggling to afford the high costs of buying a property? The good news is that the New South Wales government has introduced a new scheme called the Shared Equity Home Buyer Helper that could help make your dream a reality.
The Shared Equity Home Buyer Helper scheme is designed to make home ownership more achievable for single parents, older singles and key worker first home buyers. Under the scheme, the NSW government will partner with home buyers to purchase a property, with the government contributing a percentage of the property price in exchange for a share of the ownership – no repayments are required and no rent or interest is charged! The buyer is responsible for repaying the government’s share of the purchase price when the property is sold, and can also buy out the government’s share at any time.
So how does the Shared Equity Home Buyer Helper scheme work? Here are the key features of the scheme:
- Eligibility: To be eligible for the scheme, you must:
- Be single parents of a dependent child or children
- Be single people 50 years of age or above, or
- Be first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators or police officers.
- Be buying the property as your principal place of residence and you must move in at settlement.
- Have a minimum deposit of 2% of the purchase price
- Not currently own any land or property
- Maximum property price: The maximum property price under the scheme is $950,000 in the Sydney metropolitan area and $600,000 in regional areas.
- Government contribution: The contribution is a percentage of the purchase price and the maximum amount is determined by whether it is a new or existing home
- New home – up to 40%
- Existing home – up to 30%
- Repayment: The government’s share of the purchase price must be repaid when the property is sold. If the value of the property has increased, the government’s share will also increase, and if the value has decreased, the government’s share will decrease.
The Shared Equity Home Buyer Helper scheme is a great option for those who are struggling to save up a large deposit or are finding it difficult to secure a home loan. There are also other benefits to the scheme. For example, the government’s share of the purchase price is not subject to interest, and you will not have to make any regular repayments to the government. The scheme is also flexible, allowing you to choose the level of government contribution that you want, up to the maximum limit.
At Crystele Homes, we currently have two properties on offer for this scheme.
📍Lot 125, Magellanic Street Austral
350m2, 4 Beds, 2 Bathrooms & 1 Garage
📍Lot 143, Seventh Avenue, Austral
250m2, 3 Beds, 2 Bathrooms & 1 Garage
📍Lot 5323, Quill Street, Riverstone
300m2, 3 Beds, 2 Bathrooms & 1 Garage
📍Lot 134, McEnery Close, Hamlyn Terrace
375m2, 4 Beds, 2 Bathrooms & 2 Garage
The NSW Government only has 3,000 applicants available so be sure to get in quick if you meet the criteria!