NSW Shared Equity Home Buyer Helper

Have you considered all your options? You could be eligible for additional support from the government when purchasing your first home, even a Domaine Home.

Government schemes, such as the NSW Government Shared Equity Home Buyer Scheme, made buying a property far easier for a range of individuals by reducing the amount they’re required to deposit. The government would pay a portion of the purchase price of the property, and in exchange, the government would own a share of the property. 

The NSW Government Shared Equity Home Buyer Scheme was a pilot scheme introduced on June 30, 2024 and is now closed. However, there are similar schemes and initiatives, like the Help to Buy scheme, that offer similar support and benefits. The schemes aren’t generally applicable to everyone. 

So, here’s how it works: 

- The NSW Government contributed up to 40% towards a new home, or 30% towards an existing home, allowing the individual to put down a deposit as low as 2%. However, the government will own the percentage of your home that they’ve contributed to. 

- As the homeowner, you are still liable for all the upfront costs, including stamp duty. Voluntary payments may be made at your discretion to the government to buy back equity shares in your home.

- If you choose to sell your home later down the line, the sale proceeds will go to the lender first, then you, as it is in order of proportional share.

Who’s Eligible?

Here’s the thing. Not everyone is eligible for the scheme. More specifically, you can apply for the scheme when you’re buying a home if: 

• You’re a single parent

• You’re a single individual (i.e. not married or in a de facto relationship) aged 50 years or older.

• A first-time home buyer and a key worker (e.g. teacher, early childhood educator, nurse, etc.)

The scheme is a great way to ensure you take a step towards buying your first home, with a little support from the government. So, you must understand your eligibility towards the scheme, which includes the following: 

• You must meet the bank’s lending criteria and demonstrate that you’re able to repay the loan.

• You must be planning to live in the property.

• You must be an Australian citizen or a permanent resident (or a New Zealand citizen with a special category visa).

• You must be at least 18 years old.

• You must not own or partially own another property or land in Australia or overseas. This also applies to your spouse.

• Your gross annual income as an individual should not be more than $93,200, or more than $124,200 for couples. 

The government will also consider your financial assets as eligibility criteria for the scheme. For example, your financial assets must be under: 

• 30% of the total property price if your income is over $90,000 per annum.

• 45% of the total property price if your income is up to $90,000 per annum.

• 65% of the total property price if you are a single individual 50 years old or older.

Am I still eligible for other First Home Buyer Schemes or Grants?

Yes. You will still be eligible for other first-home buyer programs (such as the First Home Owner Grant) and stamp duty/ land tax concessions if you are within the requirements.

Where do I apply for the scheme?

The Shared Equity Home Buyer Scheme was only available through Bendigo Bank and Unity Bank. To find out your eligibility and apply, find out more on at First Home Buyers. 

Will I need Government approval when doing renovations or improvements to my home?

You will need to seek approval from the government only if you plan to make major renovations that could impact the property’s value (i.e. structural changes or major extensions). Any other smaller renovations will not require approval.

If you qualify for the scheme, you could purchase a Domaine Home and call it yours forever! 

At Domaine Homes, our options are endless. From house and land packages to single-storey homes or double-storey homes, we have plenty for you to choose from. Make your dream home a reality with the experts!

We’ll work with you to understand your vision. Whether you want a 4-bedroom, 2 bathrooms or multiple lounges, we’ll make it happen. If you’re not sure where to start, you can use our design and price tool to get an idea of what the future holds.

Alternatively, reach out to a member of our team, and we’ll talk you through your options.