Shared Equity Home Buyer Helper

What is Shared Equity Home Buyer Helper?

Through Shared Equity Home Buyer Helper, the NSW Government is supporting and creating opportunities for eligible applicants to buy a home, up to a certain value, when they would otherwise not be approved for a mortgage because of their circumstances. The Government’s contribution means a smaller deposit and lower monthly repayments. Download the fact sheet and information guide for more details.

• Open to single parents and older singles 50 years or over, who may or may not have been homeowners in the past, victim-survivors of domestic and family violence, and eligible first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators and police officers
• 2% minimum deposit requirement
• NSW Government's contribution to purchase price: new home up to 40%, existing home up to 30%
• No repayments or interest is required on the NSW Government's equity portion
• In exchange for an equivalent interest in the property

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How does the Shared Equity Home Buyer Helper work?

Under the Shared Equity Home Buyer Helper, you will have a mortgage with Unity Bank to help fund your share in the property, and you will pay interest (and principal repayments) on that mortgage as you would any other debt funding agreement you entered into. The Government’s interest in the property will be represented as a second mortgage on the title, alongside the primary mortgage held by the lender.

Examples

• Single parent in Sydney
  For an eligible single parent in Sydney buying a new home at the maximum price of $950,000, the 40% government contribution would be a maximum of $380,000. This government contribution would lower monthly mortgage repayments by around $2,200 (assuming an interest rate of 6% p.a. over a 30-year term).
• First home buyer teacher in Wagga Wagga
  For an eligible first home buyer who is a teacher in Wagga Wagga buying an existing home at the maximum price of $600,000, the 30% government contribution would be a maximum of $180,000. The government contribution would lower monthly mortgage repayments by around $1,080 (assuming an interest rate of 6% p.a. over a 30-year term).

The initiative is open to:

• a single parent of a dependent child or children;
• a single person aged 50 or above;
• first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators and police officers;
• victim-survivors of domestic and family violence incident within the last 5 years.

For full details on the victim-survivors of domestic and family violence, download the fact sheet.

To be eligible you must:

• have a gross annual household income of no more than $93,200 for singles and $124,200 for couples;
• buy a home with a property price no more than $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or no more than $600,000 in other regional areas;
• be at least 18 and an Australian or New Zealand citizen, or a permanent Australian resident;
• have a minimum deposit of 2 per cent of the purchase price;
• occupy the property as your principal place of residence;
• not own an interest in any other land or property at the time of settlement on your newly purchased property if you're a single parent or older single 50 years or over applicant;
• not have previously owned an interest in any land or property in Australia if you're a first home buyer key worker applicant (and the same applies to your spouse/partner).

To find out more or assess your eligibility, talk to us, download the Fact Sheet or view the information guide.

Latest interest rates available for Shared Equity Home Buyer Helper applicants

Frequently Asked Questions

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