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The NSW Shared Equity Home Buyer Helper was a pilot program to assist 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.
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The Shared Equity Home Buyer pilot closed on 30 June 2024
Those that entered the program will continue to be supported by Revenue NSW and must maintain their obligations under the scheme for as long as they own their home.
Need help? Call Shared Equity Support on 1300 679 372.
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, see below for more information on income threshold.
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.
Income threshold
The income threshold will be indexed annually.
Tax year
Singles
Couples
1 July 2024 – 30 June 2025
$97,200
$129,500
1 July 2023 – 30 June 2024
$93,200
$124,200
1 July 2022 – 30 June 2023
$90,000
$120,000
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.
