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Shared Equity Home Buyer Helper is a NSW Government initiative to help eligible home buyers purchase their home with as little as a 2% deposit.

We have broken down everything you need to know about this opportunity, including eligibility, financial criteria, types of properties available, and what happens when you sell.

How Does the Shared Equity Home Buyer Helper Work?

The NSW Government will contribute a proportion of the purchase price of a property in exchange for an equivalent interest in the property.

The contribution is a percentage of the purchase price, and the maximum amount is determined by whether it is a new or existing home.

  • New home – up to 40%
  • Existing home – up to 30%

As long as a participant remains eligible for the initiative, no repayments are required, and no rent or interest will be charged. Participants can also make voluntary payments to increase their ownership share in the property progressively.

Shared equity means the government has a percentage share of your home equivalent to their contribution.

Who Is Eligible For The Shared Equity Home Buyer Helper?

Shared Equity Home Buyer Helper is open to:

  • a single parent of a dependent child or children,
  • a single person 50 years of age or above, or
  • First Home Buyer’s key workers are nurses, midwives, paramedics, teachers, early childhood educators, and police officers.

The participant must be at least 18 years of age and be an Australian citizen, permanent resident or New Zealand citizen with a particular category visa.

The NSW government implemented a comprehensive eligibility tool

What Key Financial Criteria Must a Participant Meet?

Participants must have:

  • A maximum gross income of $90,000 for singles or $120,000 for couples
  • A minimum 2% deposit based on the purchase price of the property.
  • Funds are available to cover the costs of purchasing property, such as conveyancing, legal fees, building inspections, and any stamp duty.

Your estimated cost is $38,000 based on a $900,000 purchase comprising the following:

Please utilise our “Property Buying Cost Calculator” to ascertain all prospective costs.

What Type of Property Can I Buy?

The maximum amount you can pay for a home when accessing the Shared Equity Home Buyer Helper depends on the property’s location.

  • $950,000 in Sydney and major regional centres (Newcastle & Lake Macquarie, Central Coast, Illawarra and North Coast of NSW), or
  • $600,000 in other regional areas of NSW.

What Happens When I Sell the Property?

The proceeds of the sale will be paid in the following order:

  • first, the participating lender, followed by the state, and
  • then the participant is subject to any other claim on the property.

The government will be paid for its interest in the property and proportionally share the gains or losses from the sale with the home buyer.

If you have further questions about the Shared Equity Home Buyer Helper initiative, please contact an AFP team member today.

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