The NSW government has announced a new buy-in scheme that will assist the purchasing of 3000 homes per year.
Find out what the scheme does and whether or not you are eligible.
What is the Buy-In Scheme?
The NSW government has committed $780.4 million to assisting people struggling to afford a home. It is offering to cover up to 40% of the equity of a new home, or 30% for an existing one. This means people may be able to secure a mortgage for as little as a 2% deposit. Lenders mortgage insurance will also be waived.
The plan has been budgeted for 3000 properties per year, with an intention to increase that number yearly if the scheme is successful.
Who is Eligible for the Buy-In Scheme
There are several conditions that must be met for someone to qualify for assistance through the buy-in scheme.
You must be:
- Either a teacher, nurse or a police officer
- A single parent of a child/children younger than 18yrs
- A single person aged 50yrs.
The scheme is designed to assist frontline workers and people in vulnerable demographics, especially single parents and over-50’s divorcees. If this describes you, be aware that there are also some situational conditions:
- A single income can’t exceed $90,000 per year
- A combined income can’t exceed $120,000 per year
- The property purchase price must be less than $950,000 in major centres, or less than $600,000 in regional areas
- The buyer must be over 18yrs of age
- The buyer must live in the purchased property as their primary place of residence
- The buyer must not own an interest in Australian or foreign land when purchasing
If you meet all of these conditions, congratulations! You may be able to take advantage of the government buy-in scheme.
How to Maintain Your Buy-In Scheme Eligibility?
Once you are accepted into the scheme, there are some ongoing conditions:
- You must complete an annual review with documentation to demonstrate your continuing eligibility
- Any maintenance, renovations or improvements you make to the property must be disclosed so that their effects on the value of the property are known
- You must maintain the ongoing repayments and council rate costs
By being accepted into the scheme, you are acknowledging and agreeing to these ongoing commitments.
When is the Buy-In Scheme Available?
The new scheme is slated to start in January 2023 and will run as a trial for two years until the end of the 2023-24 financial year. The race to claim one of the 3000 spots on offer will start at the commencement of each financial year.
For more information on the scheme, visit the NSW government website.
Why Use a Buyer’s Agent?
Using a buyer’s agent is the smartest decision you can make when buying a property. Rather than figuring out home purchasing pitfalls the hard way, buyers agents give you their experience and knowledge. They’ll help you understand what you want and what you can afford. Then they’ll help you get it. .
Sharp Property Buyers have an intimate understanding of the Central Coast that just can’t be matched. If you are looking to purchase on the Central Coast, there is no better time to get in contact than when a new government buy-in scheme is right around the corner. Allow the Sharp team to help you get your dream property.
For more information about Sharp Property Buyers, visit our website.
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Matt Sharp - Director
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