{"id":18638,"date":"2022-10-14T15:55:19","date_gmt":"2022-10-14T15:55:19","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=18638"},"modified":"2022-10-14T15:55:19","modified_gmt":"2022-10-14T15:55:19","slug":"shared-equity-legislation-introduced-for-key-workers-single-parents-and-over-50s","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2022\/10\/14\/shared-equity-legislation-introduced-for-key-workers-single-parents-and-over-50s\/","title":{"rendered":"Shared equity legislation introduced for key workers, single parents and over 50s"},"content":{"rendered":"\n

Teachers, nurses, police officers, single parents and older singles are one step closer to owning their first home faster with legislation for the NSW Government\u2019s $780.4 million shared equity scheme now introduced to Parliament.
 
The introduction of the shared equity legislation coincides with the First Home Buyer Choice legislation which will give first home buyers the choice between paying a large upfront stamp duty and a smaller annual property fee –  shaving two years off the time needed to save for a deposit.
 
Premier Dominic Perrottet said under the shared equity scheme, the NSW Government would contribute an equity share up to 40 per cent for a new home or up to 30 per cent for an existing home purchased by eligible buyers.
 
\u201cThe NSW Government is helping make home ownership a reality for more people across our State including teachers, nurses, police officers, single parents and older single people,\u201d Mr Perrottet said.
 
\u201cKey workers, single parents and older singles will be able to have the security of home ownership with a lower upfront deposit, a smaller loan, lower repayments, no lenders mortgage insurance and no interest on the Government\u2019s equity share in a property.\u201d
 
Treasurer Matt Kean said many older Australians struggle to find stable housing, with 37 per cent of individuals over 65 who are not homeowners relying on social or community housing.
 
\u201cWe know that housing security is an especially serious issue for older, vulnerable women,\u201d Mr Kean said.
 
\u201cOwning your own home is one of the best ways to set yourself up for financial security now and into the future and this scheme will help those facing significant barriers to home ownership buy their own place sooner.\u201d
 
Minister for Homes Anthony Roberts said this trial scheme would help participants overcome the deposit barrier to home ownership, as well as reducing the size of their mortgage and repayments.
 
\u201cUnder this scheme, buyers will borrow less for their home and lower their monthly mortgage repayments, making home ownership more affordable and easier to access for eligible people,\u201d Mr Roberts said.
 
\u201cWe\u2019re addressing the barriers to home ownership for people facing the highest hurdles, to make owning your own property a reality for more people in NSW.\u201d

Under the NSW Government\u2019s shared equity scheme:
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