nsw-shared-equity-scheme-update-september-2023.jpg

Bendigo Bank released key statistics on New South Wales’ Shared Equity scheme, identifying the suburbs with the highest demand.

The top six suburbs were identified as: Penrith, Liverpool, Gosford, Kingswood, Arncliffe, Coffs Harbour.

Here are other key figures unveiled by the bank:

  • 294 settlements since January 2023 with 349 approved to find a home.
  • Average customer age for a single application: 33.7
  • Average customer age for couple: 32.9 and 30.7
  • Average customer salary for a single application: $63,766
  • Average customer salary for a couple application: $47,860 and $27,252

The Shared Equity Scheme was announced mid last year as a two-year trial run — it aims to help single parents and first-home buyers who are key workers enter the housing market.

For each financial year, only 3,000 places will be available.

The scheme commenced at the start of this year, with the state contributing up to 40% of the purchase price of a new dwelling and up to 30% of an existing one.

The applicant must have at least 2% of the purchase price as a home loan deposit. No lenders mortgage insurance will be required for transactions under the scheme.

Bendigo Bank chief customer officer for consumer banking Richard Fennell said the scheme was able to help the bank’s clients to realise their dream of homeownership years before they would have been able to make it a reality going it on their own.

“At Bendigo Bank, we’re a fierce advocate for any program which will lead to more Australian’s owning their own homes and we’re here to help find the best solution for house hunters in New South Wales,” he said.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
5.95% p.a.
5.95% p.a.
$2,385
Principal & Interest
Variable
$0
$0
90%
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

-

Photo by shisuka on Canva.

Collections: