Shared Equity Home Ownership
Shared Home Equity opportunities form part of the Opening Doors to Affordable Housing initiative, helping to reduce the upfront costs of buying a property and lowers the monthly loan repayments. Now Living Realty has been working with The Housing Authority to deliver this initiative since its inception. This initiative is the first of its kind in Australia and has already delivered 20,000 new housing opportunities. Shared ownership can assist in reducing the home ownership costs by up to 30 per cent for eligible applicants.
As part of the program, the State Government will retain a small percentage share of the home. Now Living Realty often have homes all over the Perth Metropolitan area available under shared ownership.
Now Living Realty is proud to support this initiative in Perth, selling over 700 homes through this initiative since 2012.
How does Shared Home Ownership work?
When buying a home under the Opening Doors initiative as shared ownership, The State Government acts like a silent partner in the transaction who pays part of the purchase price to help you into your home sooner. In turn this reduces borrowing costs to make home ownership more affordable.
As part of the shared ownership scheme, you pay the rates, insurances and maintenance on the property, but you do not have to pay rent or interest on the State Government’s portion of the property. The only repayments you will be required to make are those stated in your Keystart home loan contract.
Why Shared Home Ownership?
- Low deposit of $2,000 or 2 percent of the purchase price (whichever is greater) for first home buyers
- Deposit of $2,000 or 2 percent of the purchase price plus stamp duty and fees for non-first home buyers
- No savings history required
- No lenders mortgage insurance
- No monthly account keeping fees
- First home buyers can use the First Home Owners Grant towards the deposit and apply for a grant from the Home Buyers Assistance Account.
What if I don’t qualify for Shared Ownership?
Now Living Realty has a range of brand new complete homes for sale at 100% share, allowing you to entirely own your property. These homes also allow you to choose your own lender. Visit our Buy page to view all our properties for sale across Perth.
Need more information on Shared Ownership?
If you would like more information on how shared ownership works, our sales consultants would be more than happy to talk you through it. Contact us today or make a shared ownership enquiry directly at the link below.