Service NSW is to trial a new shared equity scheme to help teachers, nurses, police officers, single parents and older singles purchase a home.
Announced by Premier, Dominic Perrottet, the trial will see the State contribute an equity share of up to 40 per cent for a new property or up to 30 per cent for an existing property purchased by eligible buyers.
Minister for Homes, Anthony Roberts said the scheme, set to begin in January, would help participants overcome the deposit barrier to home ownership and reduce the size of their mortgage and repayments.
Mr Roberts said there would be up to 3,000 spots available in the trial each year for two financial years (2022-23 and 2023-24).
“Key worker first home buyers who are nurses, teachers or police – as well as older singles over 50 and single parents with a child or children under 18 years old can apply,” Mr Roberts said.
“The maximum value of the property that can be purchased under the scheme is $950,000 in Sydney and regional centres including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW, and $600,000 in other parts of NSW.”
He said trial participants must have a maximum gross income of $90,000 for singles and $120,000 for couples, as well as a minimum deposit of two per cent of the purchase price.
Further information on the shared equity scheme trial can be accessed at this PS News link.
