Affordable Housing Options: First Time Buyers
January 9, 2009, filed under News and Rumors
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New Build HomeBuy
This part-rent part-buy scheme – popularly known as shared ownership- is aimed at helping first time buyers get on the property ladder.When they can afford it, people can buy more shares of the property. All homes for sale on this scheme are new builds.
FIRST TIME BUYERS Initiative
Similar to Open Market HomeBuy but for first time buyers purchasing a home that has been built as part of a First Time Buyer Initiative development. These homes are bought with an affordable mortgage and government assistance. On sale of the home, the government is entitled to a share of the proceeds.
Open Market HomeBuy
The remaining 25 per cent of the property is bought using interest-free loans from the government and approved lenders. If the home buyer sells or stops meeting the eligible criteria, the loan has to be paid back.
Social HomeBuy
The social housing tenants qualify for this program, allowing for the purchase of their current social housing property with the benefit of a discount. However, this is not all social landlords offer this option.
Intermediate Rent
This offers people the chance to rent a new or refurbished home, at a subsidised rent of 80 per cent, of what private landlords would charge for an equivalent rent.
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