Frontline workers, single parents and single elderly people will be eligible for a shared equity plan to help buy a home under a NSW government plan.
The state government has committed $ 780.4 million to the program, which is very similar to a policy presented in the federal elections by the Albanian government.
The state government would provide up to 40% of the capital for a new home or 30% for an existing property.
Teachers, nurses, police officers, single parents, and single people 50 years of age or older would be eligible for the shared equity plan.
Prime Minister Dominic Perrottet said the NSW scheme would work as a two-year test and work “hand in hand” with the federal government’s program.
“We want to make sure the people of New South Wales have this opportunity because we know that owning a home is crucial to growing wealth,” he said.
Perrottet said it would be part of a “set of measures” that would also include a push to increase housing supply.
Initially, the government will help with the purchase of 3,000 homes a year, but Perrottet said it could be expanded if the program was successful.
The prime minister hoped his government’s plan would “double” the number of homes available for the eligible cohort.
Individuals must earn $ 90,000 individually or have a combined income of $ 120,000 per year to be eligible.
They will have to make a 2% deposit under the housing scheme with a minimum value of $ 950,000 in metropolitan areas and $ 600,000 in regional areas.
Treasurer Matt Kean said about 60 percent of properties in the state’s real estate market were within that price range.
Kean said older single people, especially women, “were falling too often between the cracks” when it came to housing and the government’s plan would help them “get back on their feet”.
“It’s a huge area of growing social need,” he said.
More to come.
Posted 44 minutes ago 44 minutes ago dig. June 19, 2022 at 12:44 pm, updated 23 minutes ago 23 minutes ago dig. June 19, 2022 at 1:05 p.m.