The state government introduced a shared equity scheme trial to Parliament today that could give some NSW residents looking to purchase their first home a helping hand.
Under the scheme, the government would provide up to 40 per cent of the purchase price of a new home or up to 30 per cent of an existing home to eligible buyers.
The scheme is designed to help address the issue of housing affordability, which has become increasingly out of reach for many people in NSW, particularly in Sydney.
$780 million scheme introduced by Premier Dominic Perrottet to NSW Parliament.
NSW residents who meet certain criteria will be able to access the $780.4 million legislation.
If the scheme passes, it will allow teachers, nurses, and police officers who are looking to purchase their first home, as well as singles over 50 years old or single parents with children under 18, to apply.
No more than 6000 positions will be open in the next two years, and there will be restrictions on who is eligible to apply.
The move would make homeownership a reality for more people across our state, according to Mr Perrottet.
“Key workers, single parents, and older singles will be able to have the security of homeownership with a lower upfront deposit, a smaller loan, lower repayments, no lenders mortgage insurance and no interest on the Government’s equity share in a property,” he said.
For those who are able to take advantage of the scheme, it could provide a much-needed leg-up onto the property ladder.
The new housing affordability package is a boost for thousands of first-time buyers in NSW who are looking to get into the property market.
The increase in the first home buyer’s grant and the stamp duty concessions will make purchasing a property more affordable for many people.
