Stepping into home ownership has just become easier for moderate income earners thanks to Access Housing launching its new Home Choice shared equity program.
Developed by Access Housing in conjunction with Keystart, Home Choice will assist eligible WA-based applicants to buy their own home. Approved applicants will only pay 80% (conditions apply) of the purchase price, while Access Housing retains a maximum of 20% equity in each property sold through the initiative. Keystart’s role in the program will see them provide mortgages to successful applicants.
Access Housing Chief Executive Officer Garry Ellender said Home Choice was one of several new initiatives the company had driven to increase housing choices for people on modest incomes, including those hoping to achieve the dream of home ownership.
“Access Housing is committed to assisting people along the housing continuum and, where possible, into home ownership,” Mr Ellender said.
“Through Home Choice, the upfront costs of buying a home and the monthly loan repayments are lower because a portion of the property’s ownership is held by Access Housing.
“Home Choice provides a stepping stone into home ownership and gives buyers the opportunity to work towards 100% ownership of their home over time as they can afford to increase their ownership share.”
The Home Choice program is accessible to all eligible Western Australians, including Access Housing tenants looking to move into affordable home ownership.
The first tranche of Home Choice will see Access Housing offer six 2-bedroom, 1-bathroom apartments for sale in the foothills suburb of Kelmscott, with prices starting from only $176,000 for an 80% ownership share.
“I extend my thanks to the team at Keystart for their role in assisting Access Housing to make Home Choice a reality and we look forward to building on this relationship in order to roll out an ongoing Home Choice program to assist more moderate income earners into home ownership,” Mr Ellender said.
For more information about Home Choice, including eligibility criteria, please contact Magna Realty on (08) 9430 0980.