If you are eligible for Shared Equity Home Buyer Helper, you may be able to purchase your own home with as little as a 2% deposit.
Under the Shared Equity program, the NSW Government can contribute up to 40% of the purchase price for a brand-new home or 30% for an existing dwelling. This help participants secure a mortgage, by reducing the deposit required – potentially down to as little as 2% of the purchase price.
The government contributes its percentage up front and while it receives an equity share in the property, the mortgage – and the home – is yours.
You won’t have to make repayments towards the government’s equity share, and you won’t be charged rent or interest on it, either. If you do have capacity, you can make voluntary payments over time.
There’s no expensive lenders insurance to pay and the government’s equity share reduces your mortgage repayments.
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 $2200 (assuming an interest rate of 6% 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 $1080 (assuming an interest rate of 6% over a 30-year term).
Asset limits also apply. Your gross income must be no more than $93,200 (single applicants) or $124,200 for couples.
The asset limits vary depending on the price thresholds for properties as well as your age, gross income and type of application (single or joint).
- 30% of the property purchase price for joint applicants with a combined gross annual income more than $93,200.
- 45% of the property purchase price for:
- single applicants aged 18 to 49
- joint applicants with a combined gross annual income up to $93,200.
- 65% of the property purchase price for single applicants aged over 50.
If you have financial assets worth over $100,000, you may be required to contribute some or all of the amount (over $100,000) at settlement, adjusted for the funds you provided for the deposit.
Learn more on the key definitions and eligibility criteria page.
Sydney and major regional centres (Newcastle & Lake Macquarie, Illawarra, Central Coast and North Coast of NSW)
Other regional areas of NSW.
The Australian Bureau of Statistics’ Greater Capital City Statistical Area is used to define Sydney (which includes the Central Coast).
The Shared Equity program is currently available through 2 lending partners:
You will need to discuss your application with Bendigo Bank and/or Unity Bank before applying.
When you apply, they will ask for proof of:
- regular, ongoing employment
- income, genuine savings, and assets (within the thresholds)
- capacity to cover the repayments on top of your household and personal expenses.
We also recommend seeking independent financial and legal advice, before entering into any mortgage agreement. See Applying for Shared Equity in the Customer information guide.