A problem shared – shared equity can lead to greater home ownership in NSW
UDIA NSW welcomes today’s announcement by NSW Premier Dominic Perrottet of the government’s shared equity scheme. “It’s good to see the NSW Government introducing policies so that more people can buy a home,” said Steve Mann, CEO, UDIA NSW.
Saving for a deposit can be one of the obstacles to home purchasing, under the trial, those who have a deposit of just 2% of the purchase price and who meet the eligibility criteria, can access a 40% contribution from the NSW Government for a new home and 30% for an established home.
The scheme applies in Sydney, and regional centres including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW, and where the maximum value of the property is $950,000 and $600,000 in other parts of NSW. The scheme offers up to 3,000 spots each year for two financial years.
Home ownership for key worker first home buyers ie, nurses, teachers or police – as well as older singles over 50 and single parents with any children under 18 years old, has now become one step closer in realising the great Australian dream of owning their own home.
“Whilst this policy is helpful, the housing affordability crisis will only be resolved if we build more homes across the state. I hope that we also see measures to improve the supply of new homes in the budget,” added Mr Mann.
In UDIAs pre budget submission we made a number of suggestions to boost housing supply, including funding $150m of enabling infrastructure each year and schemes to support pre-sales in the apartment market.
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