BEN bendigo and adelaide bank limited

BEN in bed with NSW Government

  1. 241 Posts.
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    Anyonr know about this?

    Are you planning tobuy your own home one day? Then you should know about Shared Equity HomeBuyer Helper – the NSW Government initiative that makes it easier andmuch 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% ofthe purchase price of a new home and 30% towards an existing house. Inexchange, the Government holds an equity share in the property – but the homeis yours.

    Are there other advantages?

    Yes. As well asallowing participants to pay a deposit of just 2%, Shared Equity means lowerrepayments on a smaller loan amount, and no need for expensive lenderinsurance. 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 mustearn 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% ofthe purchase price, plus the funds to cover related costs of buying a propertysuch as solicitor/conveyancer fees, building inspections, etc.

    You need to be able to service a loan with the help of the NSW Government’scontribution. However, if you’re able to secure a loan without needing the NSWGovernment’s contribution, you won’t be eligible.


    @comms.service.nsw.gov.au>@comms.service.nsw.gov.au>
 
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