Affordable Homes Assist is a home purchase ‘shared equity’ loan that is reducing the cost of buying select new homes for South Australians on low to moderate incomes. SA Housing Authority covers a portion of the initial investment of select house and land packages, so you can increase your purchasing power without increasing your mortgage repayments.
Eligible buyers enter into an agreement with the SA Housing Authority who will cover a percentage (up to 35%) of the initial investment into an Assist home, payable back following refinancing or sale– whichever comes first.
What are the benefits?
- Reduce your upfront payment by up to 35%
- You’ll only need to pay back SA Housing Authority’s portion of the loan if you sell, refinance, or choose to pay off your mortgage
- Get into your own home with upfront costs as low as $3000
- Lower monthly loan repayments
- Pay no loan repayments for nine months or until your home is built, whichever comes first
- No Lenders Mortgage Insurance (LMI)
- No Account keeping fees
- First home buyers can use the First Home Owners Grant towards the deposit, fees and costs
- Low to moderate income households may be eligible for the State Government $10,000 interest free deposit gap loan.