Shared Equity Home Buyer Helper

Making home ownership more achievable for key workers buying their first home, single parents and older singles, and victim-survivors of domestic and family violence.

Single mother in the garden as the sun sets with son and daughter smiling

 

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.

 

info

Eligible victim-survivors of domestic and family violence are now eligible to apply for Shared Equity Home Buyer Helper.  Download the fact sheet (PDF 98.78KB).

How it works

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.

New home

Up to 40%

Existing home

Up to 30%

Examples

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).

To participate in Shared Equity

  • You must be able to service a mortgage (approved by one of our lending partners) with the government contribution.
  • You must not be able to secure approval for mortgage without the government contribution. 

You also need to meet the eligibility criteria. 

Download the fact sheet below for an overview.

Fact sheet (PDF 1.07MB)


For detailed information, see the Shared Equity customer guide

An older woman and her daughter look at a screen surrounded by boxes
1:21

Shared Equity Home Buyer Helper

Eligibility

To be eligible for the Shared Equity program, you must:  

  • contribute a minimum 2% of the purchase price towards the deposit
  • live in the property you purchase
  • not own any other land or property.

You need to be 18 years of age or over, an Australian or New Zealand citizen (or permanent Australian resident) and fall into one of the following groups: 

  • Single parents with a dependent child or children. 

  • Older singles aged 50 years or above. 

  • First home buyer key workers employed as early childhood educators, teachers, nurses, midwives, paramedics or police officers. 

  • Victim-survivors who have experienced a domestic and family violence incident within the last 5 years.  

Learn more on the key definitions and eligibility criteria page.

Teacher and primary school student

What else am I eligible for?

To quickly see what NSW government assistance you may be eligible for – including Shared Equity Home Buyer Helper – use our self-assessment tool. 

Income and asset limits

Income

The gross income of the participants must be no more than:

for singles.

$93,200

for couples

$124,200

Assets

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
    • victim-survivors of domestic and family violence.

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.

Property price limits

Participants must buy a home in NSW with the maximum property price determined by the home’s location.

Sydney and major regional centres (Newcastle & Lake Macquarie, Illawarra, Central Coast and North Coast of NSW)

$950,000

Other regional areas of NSW.

$600,000

The Australian Bureau of Statistics’ Greater Capital City Statistical Area is used to define Sydney (which includes the Central Coast).

Property types

Beautiful coastal town

You can buy:

  • a house, townhouse, apartment/unit/flat or duplex
  • a vacant block of residential land, together with an eligible comprehensive home building contract for a new home
  • a property that is set to be demolished, together with an eligible comprehensive home building contract for a replacement home.

However, you should check with your lender in case it does not support the purchase of a particular property type.

Purchasing costs

You will need to cover the associated costs of purchasing a property, including:

  • conveyancing and legal fees
  • building inspections, and
  • transfer duty.

See Eligible properties, your deposits and costs in the Customer Guide for details. 

If you're buying your first home, use the Home buyer assistance finder to check your eligibility for additional programs.

Single mother in the kitchen with daughters helping with homework

Lending partners

Aerial shot of regional housing

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. 

Victim survivors of domestic and family violence will need to supply some additional documentation.

We recommend seeking independent financial and legal advice, before entering into any mortgage agreement. See Applying for Shared Equity in the Customer information guide.

What else am I eligible for?

To quickly see what NSW government assistance you may be eligible for – including Shared Equity Home Buyer Helper – use our self-assessment tool. 

How to apply

You must apply with one of our lending partners.

As well as proof of identity, you will need to lodge supporting documents with your application.

Apply now

Contact us

Information about the initiative can be obtained from Revenue NSW on 1300 679 372.

Last updated:
Top of page