NSW expands shared equity scheme
The NSW government has widened the eligibility criteria of its shared equity scheme to help victim-survivors of domestic and family violence get into homes.
The scheme is already available to lower income single parents, single people aged 50 years or older, and first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators or police officers. It sees the NSW government contribute up to 40 per cent of the purchase price for a new home, or up to 30 per cent for an existing home.
Established in 2022, it is open to participants with a maximum gross income of $90,000 for singles and $120,000 for couples, who have a minimum deposit of 2 per cent of the purchase price.
The maximum value of the property that can be purchased under the scheme is $950,000 in Sydney and regional centres, including the Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW, and $600,000 in other parts of NSW.
The NSW government has expanded the Shared Equity program’s eligibility criteria after accepting the recommendations of the NSW Domestic and Family Violence Shared Equity Taskforce.
Domestic and family violence is currently the leading cause of homelessness for women in Australia, and they account for 39 per cent of specialist homelessness service users. It’s estimated that annually in Australia 7,690 women return to perpetrators, due in large part to a lack of housing options.
In announcing the program’s expansion, NSW Premier Chris Minns described it as a “practical step the NSW government is taking to better support victim-survivors of domestic violence”.
“No one should face the choice of returning to an unsafe environment or being homeless,” he said.
Minister for Finance Courtney Houssos added that the state would tailor the application process for the circumstances surrounding domestic violence victim-survivors.
“Revenue NSW and its lending partners are working to ensure the application process for domestic violence victim-survivors is sensitive and as seamless as possible.”
The CEO of Domestic Violence NSW (DVNSW), Delia Donovan, commented that securing long-term housing is an integral part of assisting domestic violence victim-survivors.
“Expanding the Shared Equity program to victim-survivors who are in a position to pursue home ownership allows them to rebuild their lives knowing they have stable housing,” she said.
“This in turn contributes to building dignity, confidence and a sense of accomplishment, which are vital to recovery.
“An emphasis must also be placed on significantly increasing investment in social and affordable housing to create pathways out of abuse for all people experiencing violence.”
“DVNSW supports efforts to create pathways to home ownership for victim-survivors of domestic and family violence,” she concluded.
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