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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