Shared Equity means lower repayments on a smaller loan amount, and no need for expensive lender insurance. 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 must earn less than $93,200 and joint applicants must have a combined income of less than $124,200.
You’d need to have a deposit of at least 2% of the purchase price, plus the funds to cover related costs of buying a property such as solicitor/conveyancer fees, building inspections, etc.
You need to be able to service a loan with the help of the NSW Government’s contribution. However, if you’re able to secure a loan without needing the NSW Government’s contribution, you won’t be eligible.
You can use Shared Equity to purchase a house, home and land package, town house, apartment, or unit. The price threshold is $950,000 for homes in Sydney and major regional areas, and $600,000 for homes in other regional areas.
Once you’ve purchased the home, it must become your principal place of residence – that is, you must live in it yourself. Other ongoing criteria apply and your participation in the program is subject to eligibility reviews every 2-5 years.
If you have capacity to do so, you’re welcome to make voluntary payments to increase the amount of equity you hold.
Shared Equity will be expanded by the end of the year to encourage applications from those who have experienced a domestic/family violence incident to participate in the program. The above income thresholds and other criteria apply.
For more information refer to the NSW Government website.