NSW ECEC educators eligible for home buying support from end of January

Early childhood educators and paramedics in New South Wales are the latest occupation groups to be added to a scheme which supports essential workers to live near their work. 

 

The two groups will now join police officers, teachers, nurses and midwives who are eligible to purchase properties with as little as a two per cent deposit in exchange for an equivalent interest in the property.

 

The Shared Equity Home Buyer Helper is due to launch on 23 January and will see the state government contribute up to 40 per cent for a new home or up to 30 per cent for an existing home for eligible buyers. 3,000 spots will be available annually for the next two financial years for those who are eligible to participate, along with singles over 50 and single parents with dependent children.

 

For properties in Sydney and regional centres including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW the maximum purchase price of the property is capped at $950,000, while in all other parts of the state the maximum purchase price will be $600,000. 

 

Bendigo and Adelaide Banks will be the initial participating lender for Shared Equity Home Buyer Helper, while other lenders will be given the opportunity to join the initiative next year.

 

An online tool has been developed to help NSW residents determine their eligibility for the scheme. For more information, please see here.