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Help with buying a home for first home buyers employed as key workers, single parents with dependent children, and single people 50 years and over.
Shared Equity expansion
Shared Equity Home Buyer Helper has been expanded to allow victim-survivors of domestic and family violence can apply for the program. Applications are being accepted from 1 December 2023.
On this page
Introduction
The NSW Shared Equity Home Buyer Helper assists eligible single parents (with dependent children), single people (50 years and over), first home buyers who are employed as key workers, and victim-survivors of domestic and family violence with buying a home. It is aimed at those in New South Wales who want to purchase a home but would not be approved for a mortgage because of their circumstances.
The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you are eligible for Shared Equity or until you sell the property.
Payments or rent aren’t required on the Government’s equity interest in the property while you remain eligible for Shared Equity.
Early childhood educators, teachers (up to Year 12), nurses, midwives, paramedics and NSW police officers are eligible key workers.
Off the plan
A property currently under construction. Under Shared Equity, off the plan properties are eligible only if settlement is due to occur within 90 days of the date the contract is signed.
Before an off the plan purchase, make sure the property is very close to completion and has achieved certain construction milestones – including registration of the strata plan and receipt of an Occupation Certificate. Speak to our lending partners to find out more, including whether this deadline can be extended.
Principal place of residence
The one place of residence of a person, that is the primary residence of that person.
Spouse
The person to whom the applicant is legally married or living with as a couple in a de facto relationship as defined in the Interpretation Act 1987.
Transaction
An agreement of sale or transfer of land.
Gross income
Gross income includes both your assessable income and any income which is exempt from taxation. You can find your gross income figure on your latest income tax assessment.
Dependent child
A child is considered a dependent person if they are aged under 16, or under 19 if they are a full-time secondary student in full time study. Those who receive disability support are dependent until they are 21.
Domestic and family violence
Domestic and family violence is defined as any behaviour in a domestic relationship that is violent, threatening, coercive or controlling, or that makes a person fear for their own safety or wellbeing or the safety or wellbeing of others.
An approved financial institution, that has been appointed by Revenue NSW onto the Shared Equity Lending Panel, who will assess your eligibility for a home loan. Bendigo Bank and Unity Bank are the approved lending partners.
Eligibility
To be eligible to join Shared Equity Home Buyer Helper, you must:
require the shared equity contribution from the government to be able to buy your home
be able to secure approval for a home loan from a participating lender with the government shared equity initiative
only be able to service a mortgage with the government contribution
meet all other eligibility criteria (see below).
The initiative is open to home buyers who are:
single parents of a dependent child or children
single and 50 years of age or above
first home buyer key workers (nurses, midwives, paramedics, teachers, early childhood educators or police officers)
domestic and family violence victim-survivors who have experienced a domestic and family violence incident within the last 5 years.
Participants must be:
18 years of age or older
Australian or New Zealand citizens, or permanent Australian residents
demonstrate your ability to save over time, and have a minimum deposit of 2% of the total property price (see below)
at least one of the eligible purchasers must be ready to occupy the property as their principal place of residence from the day of settlement.
Participants must not:
currently own any land or property
be able to service the mortgage without the government contribution
have a gross income of more than $93,200 (singles) and $124,200 (couples*) apply with the domestic and family violence perpetrator.
Acquisition costs
You must have the funds to cover acquisition costs if you are buying an existing home or construction works if you are building a home. These costs include any transfer duty, conveyancing fees, legal fees, cost of relevant certificates, settlement fees, building inspection costs and registration fees.
Asset test
An asset test will also be applied by the lending partner. Your financial assets must not be worth more than:
30% of the purchase price of the property, for joint applicants with a combined gross annual income of more than $93,200.
45% of the purchase price of the property, for applicants with a combined annual income up to $93,200.
65% of the purchase price of the property, for single applicants who are 50 years of age or older, or applicants who have experienced a domestic and family violence incident within the last 5 years.
Financial assets, in Australia or overseas, include currency and deposits, securities (shares, bonds, investments), loans, lump sum payments from a superannuation fund, any funds held in superannuation which you can access, and any share in the net fixed assets of a business.
Excess savings
If you have assets in the form of savings which are over the asset threshold you may still be eligible Shared Equity, however you will be required to contribute some or all of your excess savings towards the property purchase.
Maximum price for eligible properties
Participants must buy a home in NSW. The maximum property price you can purchase up to is determined by the home’s location:
$950,000 in Sydney and major regional centres (Newcastle & Lake Macquarie, Illawarra, Central Coast and North Coast of NSW), or
$600,000 in other regional areas of NSW.
Note: the maximum you can borrow to purchase a home will be based on your individual circumstances. Your lender will calculate your borrowing capacity, based on your income and assets, and offer a mortgage you can afford.
What properties are eligible?
A house, townhouse, strata unit (including associated utility lots), company title unit flat or duplex purchased through an eligible agreement of sale
Land, together with an eligible comprehensive home building contract.
The property will also need to meet the criteria set by your lending partner, which may not support the purchase of a particular property type, even though Revenue NSW deems the property eligible for Shared Equity.
What properties are not eligible?
Primary production land.
Land used for business or a business premises.
Holiday homes.
Eligibility assessment tool
To quickly see what NSW government assistance you may be eligible for – including Shared Equity Home Buyer Helper – use the Home Buyer Assistance Finder on nsw.gov.au.
To access the NSW Government’s Shared Equity Home Buyer Helper, contact one of the two lending partners, Bendigo Bank or Unity Bank, to assess your eligibility, before lodging an application with Revenue NSW on your behalf.
If successful, you will be advised of the maximum government equity contribution you’re eligible to receive. The lending partner will then process your home loan application and offer pre-approval for your maximum possible loan amount.
Once you have been granted pre-approval, you will have 3 months to find and purchase a home before the pre-approval period expires. If your pre-approval lapses before you can make a purchase, you may lose your place in the program and need to reapply. Pre-approvals may be extended once for up to a three-month period on request.
To be granted final approval, you must provide the lending partner with evidence of your eligibility (and your spouse, if applicable) and prove the government contribution is necessary to purchase the property.
You must also, no later than the date which pre-approval period expires:
enter into an eligible agreement of sale to acquire an existing home, or
enter into an eligible comprehensive home building contract for a new home.
If you are granted final approval, Revenue NSW will provide you with written confirmation and the purchase of your first home can progress.
Seeking independent financial and legal advice, as you would when entering into any mortgage agreement, is recommended.
Providing evidence of your eligibility
During the application process and to secure final approval, you will need to supply the documents below.
Your ATO tax assessment notice and full tax return for the previous financial year to confirm your income eligibility.
Completed Shared Equity application form.
Copy of the exchanged contract of sale signed by both the purchaser and vendor including any special conditions.
An off-the-plan purchase contract (must settle within 90 days of the sale or completed construction to be eligible).
Statement from the vendor or vendors legal representative confirming the off-the-plan settlement or construction completion date (if applicable).
Copy of the occupation certificate or a final inspection certificate.
Statement from vendor OR vendors solicitor to evidence newly built property has not been occupied since completion.
Comprehensive home building contract.
Insurance policy document or certificate of insurance.
Shared Equity participation agreement.
National Mortgage form.
Copy of valuation.
Documents to provide
Your lending partner will provide you with details of the documents you need to supply. The following is a guide only.
Specific requirements for domestic and family violence victim-survivors
Police/court documents
If you have accessed the legal system, you will be required to provide a copy of:
A current Final Apprehended Domestic Violence Order (ADVO) or one that has expired in the last five years.
a court injunction granted within the last five years because of evidence of domestic and family violence, or
a domestic violence conviction or finding of guilt against a person with whom you previously had a domestic relationship, imposed within the last five years.
Applicants can ask for the 5-year limit to be extended to 10 years if they have documentation dated beyond the timeframe. You do not need to discuss your circumstances, simply submit the required documentation.
Domestic and family violence declaration form
As an alternative to legal documentation, you can ask two authorised (competent) persons (see below) to complete a domestic and family violence declaration form on your behalf. You will need to download the domestic and family violence declaration form PDF, 588.87 KB and complete the applicant section first.
The following professionals (competent persons) are authorised to complete the remainder of the form:
registered health practitioners or social workers
an employee of a NSW government agency that provides services relating to child welfare, or
specific non-government agencies which receive government funding to provide domestic violence, sexual assault, or refuge or emergency accommodation services.
counsellors approved by the Commissioner of Victims’ Rights.
An off-the-plan purchase must settle within 90 days of the contract of sale date or completed construction to be eligible. You will need to supply:
signed copy of the contract of sale
comprehensive home building contract
copy of the occupation certificate or a final inspection certificate
statement from the vendor or vendors legal representative confirming the settlement or construction completion date.
Your ongoing obligations
Shared Equity participants will need to fulfil a range of obligations to stay eligible. The eligibility criteria summarised below should be read together with the detailed Shared Equity policy guidelines.
Ongoing eligibility criteria
You must be an Australian citizen or permanent resident and remain so to be eligible.
Your household income must not exceed the income threshold for two consecutive financial years.
You must not own any other land or property, apart from the one you purchased with the government equity contribution.
You must continue to occupy the property as your principal place of residence (or apply for an exemption via your lending partner if you are in hospital, or need to vacate for renovations, or for other reasons permitted with approval).
If you are no longer eligible, you may need to start buying back the NSW Government’s interest in the property, however, your individual circumstances will be considered when making this determination.
Periodic reviews
Revenue NSW will conduct reviews of your ongoing eligibility and obligations under the initiative.
An initial review will occur 2 years after the purchase of your home and then every 2–5 years to follow. A review may also occur if your circumstances change. You’re required to notify Revenue NSW if your circumstances do change (see below).
You may be required to provide supporting information to the review, including documentation proving the property is your principal place of residence, as well as:
evidence of income
certificates of insurance for the full reinstatement or replacement value
other documents or declarations as required.
In conducting a review, the Chief Commissioner will assess whether you as the participant remain eligible for the scheme based on the above criteria. If you are assessed as not eligible or have become ineligible, then you may be required to make a payment to acquire part or all the Scheme interest if you are assessed as having the ability to do so.
You must notify Revenue NSW within 3 months if you:
cease to be an Australian citizen or permanent resident
acquire an interest in any land in Australia or overseas (including as beneficiary under a trust and excluding land which is held by a person solely as trustee of a trust or as the executor of a will) other than your home cease to occupy the home as your principal place of residence
have any change in spousal relationship status.
To notify Revenue NSW of changes please complete a change of circumstances form and submit to your lending partner.
Revenue NSW may impose a penalty if your circumstances change and you haven’t notified us.
To maintain your obligations when constructing a new home, your building works must start within 12 months of settlement and be complete within 24 months of settlement. This period may be extended in reasonable circumstances.
No income is to be derived from the property prior to occupation, which must commence within 12 months of build completion. The property must then continue to be your principal place of residence.
The property must be insured against loss or damage from fire (including bushfire), lightning, flood, storm, tempest, earthquake, water damage, explosion, malicious damage and other risks usually covered under a comprehensive insurance policy. You will be required to provide policy details for your periodic review.
You are required to maintain the property, carry out repairs, and keep things in good working order at your own cost. No approval is required to carry out maintenance work.
You must notify Revenue NSW of any damage or defect that may impact the property value within 3 months of it occurring.
Revenue NSW may inspect the property and direct you to carry out repairs, maintenance, or alterations (at your cost) and if you do not comply, can procure a third party to carry out the works and direct you to pay for those costs.
If, when you sell the property or exit Shared Equity, Revenue NSW determines you have failed to maintain the property, the NSW Government’s interest in your property may be adjusted.
You are responsible for all property costs such as council rates, utilities, body corporate fees, water and home loan repayments.
Renovations
Significant modifications (including renovations) that may affect the value of the property require approval. These are modifications that:
cost at least $20,000, incurred within a 12-month period, or
require council approval (including complying development).
Revenue NSW will only approve modifications if:
the modifications are not repairs, maintenance, or alterations
the costs of the modification are not overstated
the modification will be value adding or value neutral, and
all consents and authorisations necessary for the proposed works have been obtained.
Full valuations are required before and after modifications to the property. The pre-modification valuation report must include an estimate of the post-modification value, excluding the impact of expected general market movements before and after the modification.
Pre-modification valuation costs are incurred by the participant and any post-modification valuation costs are incurred by the State.
Once complete, such approved modifications may adjust the NSW Government’s interest in your property accordingly, meaning you realise the value of your investment by having a greater share of the equity.
To apply for approval to undertake significant modifications, please complete a change of circumstances form and submit to Bendigo Bank. If any modifications are made prior to obtaining approval as out lined above, the NSW Government’s interest in your property may be adjusted, noting that unapproved modifications that result in the increase of the property value will not adjust your share in equity accordingly.
Increasing your share of equity
Participants can make voluntary payments and move towards full ownership of their home (staircasing). The minimum contribution must reduce the government’s equity by at least 5 percentage points.
The government will subsidise the cost of five independent valuations of the property to calculate the equity contribution payment for voluntary contributions or when a periodic review deems you are ineligible for Shared Equity.
To discuss extra payments and an increase in your equity share, please contact your lending partner.
Revenue NSW will review and assess your circumstances before approving an increase.
Exiting Shared Equity
You can exit by repaying the Government’s equity through:
voluntary payment
sale of the property
refinancing.
A required payment, following a periodic review, may also mean you exit Shared Equity.
To exit, talk to your lending partner in the first instance.