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If you're a single parent caring for children, single and aged 50 years or older, a victim-survivor of domestic and family violence, or a first home buyer employed as a key worker, the NSW Government's Shared Equity Home Buyer Helper may help you fast-track your path to homeownership by supporting you to purchase your own home with as little as a 2% deposit, while saving thousands of dollars in lenders mortgage insurance costs.

To talk to someone about Shared Equity Home Buyer Helper and have a conversation about your own situation, contact us on 1300 36 2000, or make an online booking for a phone or video chat.

What is Shared Equity Home Buyer Helper?

Through Shared Equity Home Buyer Helper, the NSW Government is supporting and creating opportunities for eligible applicants to buy a home, up to a certain value, when they would otherwise not be approved for a mortgage because of their circumstances. The Government’s contribution means a smaller deposit and lower monthly repayments. Download the fact sheet and information guide for more details.

  • Open to single parents and older singles 50 years or over, who may or may not have been homeowners in the past, victim-survivors of domestic and family violence, and eligible first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators and police officers
  • 2% minimum deposit requirement
  • NSW Government's contribution to purchase price: new home up to 40%, existing home up to 30%
  • No repayments or interest is required on the NSW Government's equity portion
  • In exchange for an equivalent interest in the property

How does the Shared Equity Home Buyer Helper work?

Under the Shared Equity Home Buyer Helper, you will have a mortgage with Unity Bank to help fund your share in the property, and you will pay interest (and principal repayments) on that mortgage as you would any other debt funding agreement you entered into. The Government’s interest in the property will be represented as a second mortgage on the title, alongside the primary mortgage held by the lender.

Examples

  • Single parent in Sydney
    For an eligible single parent in Sydney buying a new home at the maximum price of $950,000, the 40% government contribution would be a maximum of $380,000. This government contribution would lower monthly mortgage repayments by around $2,200 (assuming an interest rate of 6% p.a. over a 30-year term).
  • First home buyer teacher in Wagga Wagga
    For an eligible first home buyer who is a teacher in Wagga Wagga buying an existing home at the maximum price of $600,000, the 30% government contribution would be a maximum of $180,000. The government contribution would lower monthly mortgage repayments by around $1,080 (assuming an interest rate of 6% p.a. over a 30-year term).

The initiative is open to:

  • a single parent of a dependent child or children;
  • a single person aged 50 or above;
  • first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators and police officers;
  • victim-survivors of domestic and family violence incident within the last 5 years.

For full details on the victim-survivors of domestic and family violence, download the fact sheet.

To be eligible you must:

  • have a gross annual household income of no more than $93,200 for singles and $124,200 for couples;
  • buy a home with a property price no more than $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or no more than $600,000 in other regional areas;
  • be at least 18 and an Australian or New Zealand citizen, or a permanent Australian resident;
  • have a minimum deposit of 2 per cent of the purchase price;
  • occupy the property as your principal place of residence;
  • not own an interest in any other land or property at the time of settlement on your newly purchased property if you're a single parent or older single 50 years or over applicant;
  • not have previously owned an interest in any land or property in Australia if you're a first home buyer key worker applicant (and the same applies to your spouse/partner).

To find out more or assess your eligibility, talk to us, download the Fact Sheet or view the information guide.

Home Loan calculators

Use our Home Loan calculators to determine the amount you can borrow and monthly repayment amounts.

Latest interest rates available for Shared Equity Home Buyer Helper applicants

Variable Rates Principal & Interest Interest Only
  Interest Rate Comparison Rate Interest Rate Comparison Rate
LVR of 60% and below 6.24% p.a. 6.24% p.a. 6.24% p.a. 6.87% p.a.
LVR from 60% to 80% 6.24% p.a. 6.24% p.a. 6.24% p.a. 6.87% p.a.
LVR from 80% to 90% 6.24% p.a. 6.24% p.a. 6.24% p.a. 6.87% p.a.
LVR Above 90% 6.24% p.a. 6.24% p.a. 6.24% p.a. 6.87% p.a.
Standard 7.34% p.a. 7.34% p.a. N/A N/A
Fixed Rates Principal & Interest Interest Only
  Interest Rate Comparison Rate Interest Rate Comparison Rate
1 Year 6.49% p.a. 7.25% p.a. 6.49% p.a. 7.25% p.a.
2 Year 6.39% p.a. 7.15% p.a. 6.39% p.a. 7.15% p.a.
3 Year 5.99% p.a. 6.95% p.a. 5.99% p.a. 6.96% p.a.
5 Year 6.49% p.a. 6.96% p.a. 6.49% p.a. 6.97% p.a.

Frequently Asked Questions

The applicant must be an Australian resident, hold permanent residency or be a New Zealand citizen with a special category visa, and be of at least 18 years of age. The scheme is open to:

  • Single individuals aged 50 or above;
  • Single parents with a dependent child or children;
  • First home buyers who are key workers, such as nurses, paramedics, midwives, teachers, early childhood educators or police officers;
  • Victim-survivors of domestic and family violence incident within the last 5 years.

Applicants must have:

  • A maximum gross income of $93,200 (singles) or $124,200 (couples)
  • A minimum 2% deposit based on the property’s purchase price.
  • Available funds to cover the expenses of purchasing the property (e.g., legal costs, building or development inspections, stamp duty costs and conveyancing).

In Sydney and regional areas including the Central Coast and North Coast of NSW, Lake Macquarie, Illawarra and Newcastle the maximum value of the property must be $950,000, and for other parts of NSW $600,000.

In addition to meeting your obligations on the mortgage with Unity Bank, you must also meet the ongoing eligibility criteria and obligations to continue to take part in Shared Equity. Keep in mind that the ongoing eligibility criteria may differ from the entry criteria you had to meet when you applied for Shared Equity.

The initiative commenced on the 23rd of January 2023 as a pilot program, with applications accepted over two financial years (2022-2023 and 2023-2024). From 1st July 2023, there will be 3000 more places available.

No, a home buyer only has access to the benefits of one of the initiatives.

Yes, applicants can claim stamp duty exemptions, as the initiative does not impact state tax arrangements that First Home Buyers are currently eligible for. An eligible applicant will be able to claim stamp duty exemptions or a concession under First Home Buyer Assistance Scheme as part of their property purchase.

Unity Bank and Bendigo Bank are currently the participating lenders in the initiative.

Those participating in the initiative are allowed to make voluntary payments to reduce the interest held by the NSW Government in relation to the property.

Following the sale of the property, the proceeds will be paid in the following order: First, the participating lender, followed by the state and then the participant of the initiative subject to any other claim on the property. The government will be paid for its interest in the property, and proportionally share in the gains and losses with the participant from the sale.

Listen to our podcast below where we discuss the benefits and common questions asked about the Shared Equity Home Buyer Helper*

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  • 1 Only available for First Home Buyers, Housing Australia and Shared Equity Home Buyer Helper. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. Loan to Value Ratio (LVR), is the ratio of money you borrow compared to the value of the property used as security, as determined by the Bank.
  • 2 Comparison Rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only. WARNING: These Comparison Rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate. Comparison rates for Variable Interest Only loans are based on an initial 5 year Interest only period. Comparison rates for Fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Interest rates are on a per annum basis.
  • 3 Only available for First Home Buyers, Housing Australia and Shared Equity Home Buyer Helper. Minimum home loan balance $150,000. Not available for top-ups or internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. After fixed period interest rate reverts to First Home Buyer Advantage Plus standard variable rate.

All information including interest rate is subject to change. Unity Bank is a participating lender for NSW Shared Equity Home Buyer Helper, which is an initiative of the New South Wales Government. The information on this page is correct at the time of publishing but may change at any time without notice to you, including as a result of changes to the NSW Shared Equity Home Buyer Helper scheme by the New South Wales Government. Terms and conditions, fees, charges, eligibility and lending criteria apply. Restrictions and other obligations apply after purchase. Full details available on application. All information is correct as at 1 July 2023 and is subject to change without notice. Target Market Determination available here.

* Eligibility criteria terms and conditions apply to our Unity Bank Products and scheme eligibility applies to the Government Schemes. Fees & charges may apply. Any general advice or information on this podcast does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Disclosure Documents before acquiring any product. For full information on these options go to www.unitybank.com.au/explore-our-first-home-pathways.html. Unity Bank Limited. ABN 11 087 650 315. AFSL/Australian Credit Licence 240399