NSW Government launches initiative

The NSW Government has launched a new initiative to get first home buyers into the property market.

The NSW Government’s new initiative, the Shared Equity Home Buyer Helper, aims to help first home buyers enter the property market with just a 2% deposit. The program targets lower income single parents, older singles, and first home buyer workers, enabling them to own a home.

With a 2% deposit and lower monthly repayments, eligible participants can receive up to 40% of the purchase price for new properties or 30% for existing ones from the government, which will retain an equivalent interest in the property. This contribution will be registered as a second mortgage.

No rent or interest repayments are required as long as eligibility is maintained. Voluntary payments can increase one’s share in the property. Eligibility criteria include living in the property and fulfilling ongoing obligations like property maintenance, insurance, periodic reviews, and paying certain fees and taxes.

Eligible groups include single parents with dependents, individuals over 50, and first home buyer key workers such as nurses, midwives, paramedics, teachers, early childhood educators, and police officers. Additional criteria apply.

For more information and to find out if you are eligible visit: nsw.gov.au/shared-equity

Be inspired by our amazing EchoRealty resident Lejla who saved enough money to buy her own property! Scan here to read more: https://bit.ly/Lejlas-story