Frontline workers, single parents and single older people will be eligible for a shared equity scheme to help buy a home under a NSW Government scheme.
The state government has committed $780.4 million to the program, which closely resembles a policy put forward in federal elections by the Albanese government.
It would see the state government contribute up to 40 percent of the equity for a new home, or 30 percent for an existing property.
Teachers, nurses, police officers, single parents and single people aged 50 and over would be eligible for the equity scheme.
Prime Minister Dominic Perrottet said the NSW scheme would run as a two-year trial and work “hand-in-hand” with the federal government programme.
“We want to make sure people across NSW have that opportunity because we know home ownership is crucial to growing wealth,” he said.
Perrottet said it would be part of a “package of measures” that would also include a push to boost housing supply.
Initially, the government will help purchase 3,000 homes a year, but Perrottet said that could be expanded if the program is successful.
The prime minister hoped his government’s plan would “double” the number of homes available to the eligible cohort.
Individuals will need to earn $90,000 individually or have a combined income of $120,000 per year to be eligible.
They will have to contribute a 2 per cent deposit under the scheme on homes worth at least $950,000 in metropolitan areas and $600,000 in regional areas.
Treasurer Matt Kean said about 60 percent of properties in the state’s housing market were in that price range.
Kean said older singles, particularly women, were “too often falling through 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.
Aware , updated