New affordable housing and land packages have been released to help single women over 50 on lower incomes break into the housing market. Nine properties in Adelaide’s western suburbs are now available for purchase under the new Affordable Homes Assist Program.
The first nine home and land packages range between $320,000 and $395,000 in suburbs including Findon, Kidman Park and Woodville West, with construction 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 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.
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.
For more information about the Assist Program, including eligibility, visit www.affordablehomes.sa.gov.au/assist
For more information about the Affordable Homes Program, visit www.affordablehomes.sa.gov.au
Purchasers can obtain finance through HomeStart Finance, the State Government’s affordable home loan provider. Learn more at www.homestart.com.au