The state government has revealed plans to trial a shared-equity scheme for prospective home owners in NSW as part of the housing initiatives tied to the latest state budget.
The NSW Premier said that during the next 2 years, 6,000 places would be available in the trial which will see the state government contribute an equity share of up to 40% for a new property or up to 30% for an existing property purchased by eligible buyers.
Nurses, teachers and police – as well as older singles over 50 and single parents with a child or children under the age of 18, who are first home buyers, have a maximum gross income of $90,000 for singles and $120,000 for couples and have saved a minimum deposit of 2 per cent of the purchase price, will qualify for the NSW’s trail.
The maximum value of the property they can seek to buy is $950,000 in Sydney and regional centres, including Lake Macquarie, Newcastle, the Central Coast, Illawarra, and the North Coast of NSW, and $600,000 in other parts of NSW.
The total estimated cost of the trial is $780.4 million.
The Premier, Mr Perrottet, has conveyed that housing affordability will be one of his government’s key areas of focus. Mr Perrottet also intends on pushing ahead with the stamp duty reform in this financial cycle.
The NSW governments priorities are to make home ownership a reality for more people throughout NSW and allow people to live closer to where they want to work.
The NSW government has also committed to unlocking land and accelerating housing infrastructure to accelerate new housing projects.