Learn how the Shared Equity Home Buyer Helper scheme could get you into your own home – and it’s not just for first home buyers

The NSW Government is launching an initiative to make homeownership more achievable for single parents, older singles and key worker first home buyers.

“ALAND has welcomed the news of this announcement, in particular, because it considers first home buyers, but also so many others who have aspirations to have their own home,” said ALAND CEO George Tadrosse.

The scheme works by creating a partnership between the buyer and the Government with the NSW Government contributing a proportion of the purchase price of a property in exchange for an equivalent interest in the property.

“The maximum contribution amount will depend on whether the home is new or existing. With new homes attracting a contribution of up to 40%, we look forward to being able to work with potential buyers who are eligible to utilise the scheme, with a significant amount of our properties meeting the purchasing criteria,” continued Mr Tadrosse.

A unique part of this scheme is, as long as a participant remains eligible for the initiative, no repayments are required, and no rent or interest will be charged on the Governments equity share. Participants can also make voluntary payments to progressively increase their ownership share in the property.

“ALAND currently has three new developments that may meet the criteria of the Shared Equity Home Buyer Helper Scheme and we encourage people who are interested to get in touch so we can share more about the scheme and the available properties,” said Mr Tadrosse.

To be eligible for the scheme, the gross income of the participants must be no more than $90,000 for singles and $120,000 for couples.

Participants must buy a home in NSW with the maximum property price determined by the home’s location:

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

The Shared Equity Home Buyer Helper Scheme commences on 23 January 2023. If you would like to contact an ALAND representative who can assist you with further information, please contact us on 1800 025 263.