Thousands of nurses, teachers and police officers have registered their interest in buying their first home with as little as a two per cent deposit under the NSW Nationals in the state government’s Shared Equity Home Buyer Helper.
Key worker first-home buyers, including nurses, midwives, paramedics, police officers, teachers and early childhood educators, can apply. Single parents and singles older than 50 can also apply, even if they have previously owned property.
Under the plan, the NSW Nationals in government will contribute up to 40 per cent for a new home or up to 30 per cent for an existing home bought by eligible home buyers with a minimum deposit of two per cent.
Member for Tweed Geoff Provest said he was delighted to see the interest already received and to know this initiative will help many Tweed key workers make the dream of owning their own home a reality.
“This initiative and the First Home Buyer Choice is a pathway forward for eligible home buyers who have been working to save a deposit but buying their own home has remained out of reach, “Mr Provest said.
The $780 million shared equity initiative is part of a broader $2.8 billion housing package.
Smaller deposits, no lenders mortgage insurance, and no interest on the government’s equity share means this initiative is a great option for eligible singles and key workers who no longer want to rent and prefer the security of home ownership.
Those interested should check the online self-assessment tool to see if they’re eligible for Shared Equity Home Buyer Helper.
If eligible, you’ll be directed to contact Bendigo Bank – the launch lending partner – to apply. Revenue NSW will be administering the program on behalf of the NSW Government. Other lenders will have the opportunity to join the initiative this year.
Under the Shared Equity Home Buyer Helper:
- Up to 3,000 places will be available each year for two years
- Key worker first-home buyers who are nurses, midwives, paramedics, police officers, teachers and early childhood educators can apply.
- Singles over 50 and single parents with a dependent child or children can apply even if they have previously owned a property.
- Participants must have a maximum gross income of $90,000 for singles and $120,000 for couples
- Participants must have a minimum deposit of 2 per cent of the purchase price
- The Government will make a maximum equity contribution of 40 per cent for a new home and 30 per cent for an established home
- The maximum value of the property that can be purchased is $950,000 in regional centres including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast, and $600,000 in other parts of NSW.
To find out if you are eligible and apply go to: nsw.gov.au/shared-equity