Co own a Property with department of housing for just 70 % of the price

| December 4, 2011

The Shared Start Scheme is a West Australian State Government initiative to assist YOU achieve YOUR dream of home ownership. Check out this listing  to get you entry into the market at a lower price


Western Australia’s first home buyers benefit from the scheme by sharing the ownership and cost of their first home with the Department of Housing and Works. Properties available under this scheme are offered for sale under co-ownership arrangements with the Department of Housing. An eligible Buyer can purchase 70% of a property, with the Department of Housing retaining the matching 30% share in perpetuity. You pay no rent or interest to the Department of Housing for their 30% share of the property.

shared start scheme listing house WA

Check out this Shared start listing here  at . $245,000  @ 56/76 Newcastle Street, Perth, WA 6000

The price quoted in the above listing is 70% of the value of the apartment. Properties cannot be sublet or leased to other parties and the private co-owner can never acquire the Department of Housings share.

Properties brought through this scheme  may be sold at any time, but only to the Department of Housing using a Market Valuation process to determine the current value of a co-owners share.

You may be eligible for SharedStart laon from Keystart if you answer is yes to all the following:

  • I cannot afford a home loan to assist with buying 100 per cent of a property regardless of proof of savings
  • I am a single applicant earning a maximum gross income of $70,000 per year, or
    We are a couple/family earning a maximum gross income of $90,000 per year, or
    I/we work in the North West of WA (above the 26th parallel) earning a maximum gross income of $110,000 per year and I/We would like to purchase a property and live in the North West area
  • I am a permanent resident of WA
  • I am 18 years of age or older
  • I will live in the purchased property as my principal place of residence for the life of the SharedStart loan.

The above is not a full list of Keystart’s eligibility criteria. It is an indication only. You must contact Keystart on 1300578 278 (1300KSTART) for a discussion about full eligibility and to see if you can be prequalified for a SharedStart loan

To get more information on this scheme from the government website go here

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Category: 2011, apartments, Australia, Featured, FHB, first Home buyers, First home Owners grant, Goverment grant, Government, Pick of the month, Unit

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