From the 23 January 2023 the NSW government is offering eligible participants a contribution to purchase a property percentage in exchange for a proportionate interest in the property – that is to be co-owners (the Shared Equity Initiative).
Eligible participants will be entitled to up to 40% of the price for purchasing new homes and up to 30% of the price for purchasing existing homes.
An eligible participant must:
- be an Australian citizen, permanent resident or New Zealand special visa holder;
- be over the age of 18;
- be either a single parent, an over 50 year old single person, midwife, paramedic, teacher, early childhood educator or police officer at the time of purchasing the property;
- earn less than $90,000 a year as a single or less than $120,000 a year as a couple;
- comply with asset limitations;
- not have owned property in or outside Australia before (unless the purchase is to buy out an ex-partner) or be over 50 years of age and not currently own property;
- be able to contribute at least 2% of the purchase price; and
- be able to cover purchase cost such as conveyancing, stamp duty (if applicable), registration, and land tax.
The property must remain the participants principal residence and the participant must comply with periodic reviews, maintain the property, pay ongoing fees and seek approval before making alterations or renovations.
If the participant becomes no longer eligible, they must notify the Government within 3 months and will be required to re-finance or make a payment to acquire part or all of the NSW Government’s interest.
Want to know more? Contact our office by phone 4861 2345 or email [email protected] to discuss how this initiative could assist you.
Please note this blog is general in nature and for information purposes only and should not be relied on for legal advice. Should you require advice regarding the information in this email please contact us so we may provide advice specific to your needs and circumstances.
