Under HomeShare you share the cost of buying your home with the Director of Housing. By sharing ownership with the Director you may be able to buy a house you otherwise could not afford.
Through HomeShare you will own at least 70 per cent of your home. The Director contributes up to 30 per cent. The Director’s share is capped at $56,540 for house and land packages.
The amount that the Director contributes depends on the sale price of the house and the size of your loan. You must borrow the maximum amount the Bank will approve.
Example: The house price is $135,000; you would have to fund at least $94,500 (70 per cent share) and meet relevant fees and charges, the Director would contribute $40,500 (30 per cent, the maximum cap limit).
To find out more about Home Share click this link
