Rafton Family Lawyers are able to assist with the purchase of new homes and are very pleased to update in relation to the New South Wales Governments Shared Equity Buyer Scheme. The Buyer Scheme has been set up by the Government to assist certain class of persons to enable them to purchase a home.
There are eligibility guidelines in place in relation to the scheme and it is important to obtain advice before proceeding to make an offer for purchase. We also recommend that you speak to a Solicitor from our conveyancing department before proceeding with any contract for sale so we can discuss with you your eligibility requirements and assist you with the legal process.
Our conveyancing teams are located at our offices to assist with the purchase of new homes in the Penrith, Glenmore Park, Richmond, Windsor, Parramatta and St Marys areas.
The scheme has been in place since the beginning of 2023 and provides a government co payment for single persons wanting to purchase their first home. The home could be a new purchase by which case a slightly larger contribution is made or an existing dwelling. Part of the eligibility requirements is that the person must be a single person with a dependent child or children. There are further criteria including the persons income and the ability of the person to repay the loan.
Part of the eligibility criteria involves the applicant being able to obtain finance so its also important that there is a good credit history in place or ability to obtain a loan for the balance of the purchase price. The Government effectively is a shared equity owner in the property under the scheme and once the successful applicant is granted access to the scheme it prevents the need for lenders mortgage insurance to be paid. This can often be a very expensive upfront payment particularly for first home buyers.
Other great opportunities exist in relation to this scheme including that only a 2% deposit is required in certain instances which means that single parents wanting to obtain their own premises do not have to save a huge amount of money but have to be working and have the capacity to repay the loan.
If you need any other assistance or have any other questions about the scheme please contact our staff at reception@rafton.com.au or via telephone 02 4578 5611.