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NSW introduces ‘shared equity’ scheme to increase home ownership

by Anthony L. Gonzalez

Frontline workers and singles over 50 are getting a “step” into the NSW real estate market, with the state government introducing a shared housing scheme in this week’s budget.

Prime Minister Dominic Perrottet says housing affordability is becoming a challenge for families across the state.

“Whether you’re in the city or in the bush, we want to make sure you have the opportunity to come into the house to provide that stability, to provide that opportunity for you and your families,” he said of Tallawong on Sunday.

“We are announcing a shared stock plan that will allow our frontline workers, teachers, nurses, and police officers to get a head start and enter the real estate market.”

The $780.4 million settlement, announced ahead of Tuesday’s 2022-2023 state budget, is open to 3,000 frontline workers and single parents or adults over 50.

NSW introduces 'shared equity' scheme to increase home ownership

It is open to singles earning up to $90,000 a year or couples earning up to $120,000.

The government will contribute up to 40 percent of the equity of a new home and up to 30 percent of an existing home, and those who access it will be required to make a two percent down payment.

‘As easy as possible.’

The prime minister said the scheme would align with the federal government’s shared-share plan, doubling the number of homes available to frontline workers and singles over 50.

NSW Treasurer Matt Kean said the announcement was about helping people achieve their goals and achieve their dreams.

“One of the specific cohorts that we’re targeting is that cohort that falls too short, and that’s older singles, especially divorced women,” said Mr. Kean.

“We want to make it as easy as possible for that cohort to get back on their feet safely.”

The government also announced that the Aboriginal flag will have a permanent place on the Sydney Harbor Bridge, making a $25 million commitment to install a third flagpole by the end of the year.

“Our Indigenous history must be celebrated and recognized so that young Australians understand the rich and enduring culture we have here with our past,” Perrottet said in a pre-budget statement on Sunday.

The state government has also pledged $37.9 million to improve before and after-school care and $206 million for a sustainable agriculture program.

Focus on agricultural emissions.

Treasurer Matt Kean says the groundbreaking program will reward farmers who volunteer to reduce carbon emissions and protect biodiversity.

The NSW government has also pledged $56.4 million to build a four-day walking route on the Dorrigo Escarpment through the Gondwana Rainforests on NSW’s mid-north coast.

Environment Secretary James Griffin said the funding was the largest capital investment in a national park in NSW.

About $28 million has also been pledged to the state’s forestry industry, with funds going to support and train farmers following the introduction of a new code of conduct this year.

Women in small businesses also get free access to TAFE courses and professional advice thanks to $15 million over the next four years.

NSW labor leader Chris Minns called on the government to include urgent living expenses in its upcoming budget, saying key measures, including Dine and Discover Vouchers and $265 million in energy rebates, had gone unused in the past year.

“The cost of living is quickly becoming the main issue in New South Wales – the cost of everything is skyrocketing in New South Wales, and people just can’t afford it,” said M.r Minns.


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