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.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.29% p.a. | 5.33% p.a. | $2,773 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.19% p.a. | 5.10% p.a. | $2,742 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
5.39% p.a. | 5.43% p.a. | $2,805 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
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Photo by shisuka on Canva.
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