Gov – Help to Buy Scheme – Shared Equity model
Hello All,
Gov has launched a new scheme. Please refer to summary.
Caution: My personal view
>Important to understand the potential of refinancing as an option to meet the agreement terms and take 100% ownership
Click here to read my post – https://www.affordassist.com/keep-100-equity-ownership-or-shared-equity/
Keep 100% Equity Ownership or Shared Equity?
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Summary of scheme as per ABC article. Click here to read details https://www.abc.net.au/news/2024-11-27/how-the-federal-government-help-to-buy-scheme-will-work/104650296
The federal government will give buyers taking part in the scheme an “equity contribution” of up to 40 per cent of the cost of a new home or 30 per cent of existing homes.
But you will have to pay a component of any capital gains back to the government.
The capital gains will be calculated based on the size of the government’s equity share in the property.
For example, if the government owns a 30 per cent share of your home, it would be entitled to 30 per cent of the proceeds of sale.
> A minimum deposit of at least 2 per cent
> Single applicant yearly income of less than $90,000.
> Combined appliances income must be less than $120,000
> You must not currently own any other land or property in Australia or overseas
> You have to live in the house
> If you’ve owned property in the past, it won’t rule you out of the scheme.
Cons:
> If the government ends its arrangement with you, you’ll have just 90 days to pay back its share of the property
> The government has the power to veto purchases based on factors like growth potential and safety
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Kind regards
AA