The state government will launch a shared equity housing program in this week’s budget, giving frontline employees and singles over 50 a “leg up” in the NSW property market.
Housing affordability, according to Premier Dominic Perrottet, is becoming an issue for families across the state.
‘Whether you’re in the city or the bush, we want to make sure you have that opportunity to go into a home to provide that stability, to provide that opportunity for you and your families,’ he said on Sunday from Tallawong.
‘We are launching a shared equity scheme that will give our frontline employees, teachers, nurses, and police officers a leg up and allow them to enter the housing market.’
The $780.4 million scheme, unveiled ahead of the state budget for 2022-23 on Tuesday, would be open to 3000 frontline workers, single parents, and singles over 50.
It will be available to singles earning up to $90,000 per year or couples earning up to $120,000 per year.
The government will invest up to 40% of the equity in a new home and up to 30% in an existing property, with a 2% deposit required.
The initiative would be linked to the federal government’s shared equity scheme, tripling the number of homes accessible for frontline workers and singles over 50, according to the premier.
NSW Treasurer Matt Kean stated that the announcement was made to assist people in achieving their goals and living their aspirations.
‘One of the particular cohorts that we’re focused on is that group that has far too frequently slipped through the cracks, and that’s older singles, particularly divorced women,’ Mr Kean explained.
‘Our goal is to make it as simple as possible for that cohort to get back on their feet safely.’
Eligible properties will be limited to $950,000 in Sydney and $600,000 in the rest of the state.
Jenny Leong, Greens housing spokesman, criticized the proposal, claiming that the most vulnerable people will be excluded.
‘This scheme is so limited in terms of who can use it that it will have little benefit to those who are eligible and work in Sydney’s inner suburbs, where there are essentially no residences for a family that satisfy the price cap.’
The government also stated that the Aboriginal flag will have a permanent home on the Sydney Harbour Bridge, and that it will invest $25 million in the installation of a third flagpole by the end of the year.
‘Our Indigenous history should be honoured and recognised so that young Australians understand the rich and enduring culture that we have here with our past,’ Mr Perrottet said on Sunday in a pre-budget statement.
In addition, the state government pledged $37.9 million to strengthen before and after school care programs, as well as $206 million to a sustainable farming program.
The historic program, according to Treasurer Matt Kean, will compensate farmers who voluntarily decrease carbon emissions and safeguard biodiversity.
The NSW government has also committed $56.4 million to the development of a four-day trekking circuit through the Gondwana Rainforests at the Dorrigo Escarpment on the state’s mid-north coast.
Following the implementation of a new code of practice this year, $28 million has been dedicated to the state’s agricultural forestry business for farmer support and education.
Thanks to $15 million over the next four years, women in small businesses will also have free access to TAFE courses and expert guidance.
NSW Labor Leader Chris Minns urged the government to include immediate cost-of-living relief in the 2019 budget, claiming that critical programs such as Dine and Discover Vouchers and $265 million in energy subsidies had gone unused in the previous year.
‘Cost of living is swiftly becoming the number one concern in New South Wales — the cost of everything in New South Wales is through the roof and people simply can’t afford it,’ Mr Minns said.