On 23 January 2023 the NSW Government launched a scheme to assist single parents, single people over the age of 50 and key workers (such as nurses, midwives, paramedics, teachers, early childhood educators and police officers) to buy a property to use as their principal place of residence.
If you are an eligible purchaser you may apply for the Shared Equity Home Buyer Helper. If you are eligible and have 2% of the purchase price then you may apply for the scheme and if successful, the Government will make a contribution of up to 40% of the purchase price for a new home, or up to 30% of the purchase price for an existing home. This scheme will be registered as a mortgage over the property and repaid on the sale of the property.
Eligibility criteria:
- you must be 18 years or over;
- if you are an individual person, your gross income must be no more than $90,000;
- if you a couple, your combined gross must be no more than $120,000;
- the purchase price for properties in Sydney and major regional centres (Newcastle & Lake Macquarie, Illawarra, Central Coast and North Coast of NSW) must be $950,000 or less;
- the purchase price for properties in other regional areas of NSW must be $600,000 or less;
- you must be an Australian or New Zealand citizen, or a permanent Australian resident;
- you must have a minimum deposit of 2% of the purchase price;
- you must occupy the property as your principal place of residence;
- you must not currently own any land or property;
- you must be able to service the mortgage with the government contribution.
The scheme commenced on 23 January 2023 and has 3,000 places available per year. It will run for two financial years. If you are a first home buyer who is a successful applicant to the scheme you may still be eligible to claim a stamp duty exemption, concession or opt into the First Home Buyers Choice when you purchase the property.
For further information about the scheme and eligibility please contact our conveyancing team on 02 6362 5433 today.
