Help to Buy schemeIt’s a shared equity scheme that would allow eligible home buyers, with at least a 2 per cent deposit, to purchase a home, with the government covering up to 40 per cent of the cost of a newly built property or 30 per cent of the cost of an existing one.Alex Ellinghausen
Participants must buy back the government’s share in their house if they start to earn more than the wage threshold amount. Of these, 125,000 would be offered as part of a shared equity ownership scheme, allowing people to own their first home where they want to live for just $300,000. Owners will have up to 75 per cent equity in the home, and sell it back to the government if they would like to move on.
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