Source: Government of South Australia
Liberal Government is releasing new affordable housing and land packages to help single women over 50 on lower incomes break into the housing market.
A total of nine properties in Adelaide’s western suburbs will be available for purchase under the Liberal Government’s new Affordable Homes Assist Program from today.
The first nine home and land packages range between $320,000 and $395,000 in suburbs including Findon, Kidman Park and Woodville West and construction is expected to begin in February 2020.
The homes will be prioritised for single women aged over 50 on lower incomes, who are eligible to buy under the SA Housing Authority’s Affordable Homes Program (AHP).
Assist is a shared equity product that allows eligible buyers to purchase a house and land package, with the SA Housing Authority holding some equity, reducing the purchase price by up to 35 per cent.
An Assist buyer owns the home and enjoys all the benefits and responsibilities of home ownership, with the Authority holding a second mortgage on the property. This means the buyer’s repayments would be lower than if they had to buy the property on their own.
“The Liberal Government’s new Assist program means that this cohort of women can get their foot in the door of homeownership,” said Minister Lensink.
“These first nine Assist homes are just a start and we will be releasing more home and land packages under this program for eligible South Australians on low and moderate incomes in the future.
“We know that older women are now one of the most vulnerable demographic groups in Australia when it comes to home ownership, so the first nine Assist properties will be prioritised for eligible, single women over 50.”
If the first nine homes do not sell within 30 days, any purchaser eligible under the Affordable Housing Program will be able to apply to buy them.
The amount and the percentage home buyers will pay upfront will be different depending on their individual financial circumstances.
Affordable Homes Program standard eligibility criteria includes:
• single person household earning less than $85,000, or
• couples and family household earning less than $110,000
• South Australian resident aged over 18 years
• Do not currently own residential property
• Plan to live in the property
• Have assets within the allowed limits. For more information about Assist or eligibility visit www.affordablehomes.sa.gov.au/assist
Purchasers can obtain finance through HomeStart Finance, the State Government’s affordable home loan provider. Learn more at www.homestart.com.au