To put it simply, the NSW Government will pay a proportion of the purchase price of a property in exchange for an equivalent ownership share of the property.

If you’re a single parent caring for children, single aged 50 years or older, or a first home buyer who’s employed as a key worker, you could be eligible for the Shared Equity Home Buyer Helper and be one step closer to owning your new home.

How does it work?

If you have a 2% deposit, the NSW Government will contribute up to 40% for a new home or 30% for an existing home. This means the Government has a percentage share of your home equivalent to what they’ve contributed.

You must be one of the following: 

• A single parent caring for a dependent child or children.
• A single person (not married or in a de facto relationship) aged 50 years or older.
• A first home buyer who’s employed as a key worker (teacher, early childhood educator, nurse, police officer, paramedic).

You must meet the following Criteria: 

• Meet the Bank's lending criteria and be able to afford to repay the loan. 
• Plan to live in the property
• Be an Australian citizen or a permanent resident (including New Zealand citizens with a special category visa), at least 18 years old.
• Not own or part-own any property (including land) in Australia or overseas (and the same applies to your spouse).
• Have a gross annual income that’s not more than $90,000 for singles and not more than $120,000 for couples
• When purchasing a home it must be valued at less than $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or not exceed more than $600,000 in other regional areas.
• You must demonstrate your ability to save over time, and have a minimum deposit of 2% of the total property price.
• Be able to pay for all costs associated with purchasing your home such as conveyancing, legal costs, building inspections and stamp duty (if applicable). 
• Meet ongoing property requirements and report any change in circumstances.

Have financial assets that are under:

• 30% of the total property price if your income is more than $90,000 p.a.
• 45% of the total property price if your income is up to $90,000 p.a.
• 65% of the total property price if you are a single person 50 years of age or older.

Do I still have to pay stamp duty?

All costs including stamp duty will be the responsibility of the participant.

What happens when the property is sold? 

When the property is sold, the NSW Government will share in the gains or losses with the participant from the sale.

Are there any extra payments on top of the deposit? 

No payments (such as rent or interest) are required
to the Government on its equity contribution while a participant remains eligible for the initiative.

Can I increase the percentage of ownership? 

Participants can make voluntary payments to increase their share in the property.

Can I still receive other First Home Buyer Grants?

Participants will still remain eligible for first home buyer programs and any stamp duty or land tax concessions if they sit within the requirements.

Can I use a broker of choice or any bank to apply for this grant? 

The Shared Equity Home Buyer Scheme is only available through Bendigo Bank.