Thousands of NSW nurses, teachers and police officers have registered for Revenue NSW’s shared equity scheme which could see the State cover up to 40 per cent of the price of home purchases.
Officially launching the Shared Equity Home Buyer Helper scheme, Premier Dominic Perrottet said key worker first-home buyers, including public servants such as nurses, midwives, paramedics, police officers, teachers and early childhood educators, could apply.
Mr Perrottet said the Government would 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.
“Single parents and singles older than 50 can also apply, even if they have previously owned property,” Mr Perrottet said.
Treasurer Matt Kean said the $780 million shared equity initiative was part of a broader housing package.
“Shared Equity Home Buyer Helper 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 Kean said.
“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.”
Minister for Homes, Anthony Roberts said anyone interested in the scheme should check the online self-assessment tool to see if they were eligible.
“If the online tool says you’re eligible, you’ll be directed to contact Bendigo Bank to apply for Shared Equity Home Buyer Helper,” Mr Roberts said.
“Revenue NSW will be administering the program on behalf of the NSW Government,” he said.
“Through your application the lender will let you know how much you can borrow and confirm your place in the initiative and then you can make an offer to buy your own home to live in.”
Mr Roberts said Bendigo Bank was the launch lending partner for the scheme and other lenders would get the opportunity to join the initiative this year.
Further information on Revenue NSW’s Shared Equity Home Buyer Helper scheme can be accessed at this PS News link.
