Shared Equity Home Buyer Helper
If you're a single parent caring for children, single and aged 50 years or older, a victim-survivor of domestic and family violence, or a first home buyer employed as a key worker, the NSW Government's Shared Equity Home Buyer Helper may help you fast-track your path to homeownership by supporting you to purchase your own home with as little as a 2% deposit, while saving thousands of dollars in lenders mortgage insurance costs.
For more information, please see the details and eligibility criteria below.
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.
|
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).
For full details on the eligibility criteria, download the fact sheet and information guide.
Find out the latest interest rates available for Shared Equity Home Buyer Helper applicants
Let’s Get Started
-
Contact us
Call 1300 36 2000 -
Online booking
Click here
-
Submit your enquiry
Enquire now -
NSW Government eligibility tool
Click here
All information including interest rate is subject to change. Unity Bank is a participating lender for NSW Shared Equity Home Buyer Helper, which is an initiative of the New South Wales Government. The information on this page is correct at the time of publishing but may change at any time without notice to you, including as a result of changes to the NSW Shared Equity Home Buyer Helper scheme by the New South Wales Government. Terms and conditions, fees, charges, eligibility and lending criteria apply. Restrictions and other obligations apply after purchase. Full details available on application. All information is correct as at 1 July 2023 and is subject to change without notice. Target Market Determination avaliable here.
1.Only available for First Home Buyers and borrowers eligible for Shared Equity Home Buyer Helper. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. Loan to Value Ratio (LVR), is the ratio of money you borrow compared to the value of the property used as security, as determined by the Bank.
2. Only available for First Home Buyers and borrowers eligible for Shared Equity Home Buyer Helper. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. After fixed period interest rate reverts to First Home Buyer Advantage Plus standard variable rate.
3. Comparison Rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only. WARNING: These Comparison Rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate. Comparison rates for Variable Interest Only loans are based on an initial 5 year Interest only period. Comparison rates for Fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Interest rates are on a per annum basis.