Contents
- What is shared equity?
- How does shared equity make buying a home more affordable?
- How does it work?
- Shared equity schemes available
What is shared equity?
Shared equity can cover the gap between what you can afford and the cost o
What is shared equity?
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What is shared equity?
Lender
A lender is normally a bank, financial institution, community association or government that makes funds available to a person to purchase a home with the expectation that the funds will be repaid. Repayment normally includes the payment of any interest or fees.
Home Buyer Ready
This free interactive program offered by HomeStart Finance will step you through all of the important aspects of buying your own home, such as how to budget and save for a deposit, understanding the costs involved and how to work out how much you can borrow and what your repayments might be.
Everyday Money Skills
A guide for people with an intellectual disability to learn how to use money safely, budget and save.
Money Managed for Teens
Helpful tips and tools for young people to make the most of your money, including budgeting and savings calculators
First Home Super Saver Scheme
The Federal Government’s First Home Super Saver Scheme allows eligible first home buyers to save money for a home by accessing the voluntary contributions you’ve made to your superannuation fund.
Development Approval
Approval by the planning authority for a development. The planning trust could be local government or state government, depending on the project.
Deposit
A sum of money paid as an assurance the buyer is serious about the purchase. This amount is included as part of your payment towards the overall property price, but is paid at the exchange of contracts. It is often non-refundable.
Certified Copy
A certified copy (often a photocopy) of an original document that has on it an endorsement or certification that it is a true copy of the original document. It does not certify that the original document is genuine, only that it is a true copy.
Ballot
A method of sale where eligible applicants provide their details to go into a draw. Names are then drawn out via an electronic ballot draw system. Prospective buyers are then invited to purchase an affordable home in the order the names were drawn. This process ensures buyer names are provided in random order.