WA scheme boosts home ownership

WA scheme boosts home ownership

by 1 comments

Staff Reporter

The Western Australian housing affordability scheme has helped more than 1,000 families, singles and seniors buy their own home, the state government has revealed.

Houses under the scheme are sold for a median price of $293,000, around $200,000 less than the Perth average.

“Most people who purchase a home under the shared home ownership scheme pay less in monthly mortgage repayments than they would pay in rent for a similar home in the same suburb,” WA housing minister Bill Marmion said.

The Opening Doors initiative offers residents either partial ownership, where the government retains 30 per cent equity in the property, or full ownership.

According to the Department of Housing, the government works with developers to ensure properties offered for sale are affordable to a broad range of incomes.

The shared ownership model allows homeowners to purchase scheme properties with a $2,000 deposit or two per cent of the purchase price, no saving history and no lender's mortgage insurance.

The aim of the scheme is to move middle and low income earners towards home ownership.

“We want to make home ownership, rather than public housing, the destination for all West Australians,” Mr Marmion said.

As of 1 October, 1,112 properties had been sold through the initiative.

Most properties sold have been in the suburbs of West Perth, Mirrabooka, Fremantle, Cockburn Central, Butler, Brighton, Banksia Grove, Ellenbrook, Avely, Girrawheen, Brookdale, Bertram, Wellard and Baldivis.

Staff Reporter

The Western Australian housing affordability scheme has helped more than 1,000 families, singles and seniors buy their own home, the state government has revealed.

Houses under the scheme are sold for a median price of $293,000, around $200,000 less than the Perth average.

“Most people who purchase a home under the shared home ownership scheme pay less in monthly mortgage repayments than they would pay in rent for a similar home in the same suburb,” WA housing minister Bill Marmion said.

The Opening Doors initiative offers residents either partial ownership, where the government retains 30 per cent equity in the property, or full ownership.

According to the Department of Housing, the government works with developers to ensure properties offered for sale are affordable to a broad range of incomes.

The shared ownership model allows homeowners to purchase scheme properties with a $2,000 deposit or two per cent of the purchase price, no saving history and no lender's mortgage insurance.

The aim of the scheme is to move middle and low income earners towards home ownership.

“We want to make home ownership, rather than public housing, the destination for all West Australians,” Mr Marmion said.

As of 1 October, 1,112 properties had been sold through the initiative.

Most properties sold have been in the suburbs of West Perth, Mirrabooka, Fremantle, Cockburn Central, Butler, Brighton, Banksia Grove, Ellenbrook, Avely, Girrawheen, Brookdale, Bertram, Wellard and Baldivis.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?