If you're tired of renting, or struggling to save a deposit, the Shared Home Ownership initiative is one way you may be able to afford to buy your own home. Shared Home Ownership allows you to share the purchase of a home with the Department of Communities, with a Shared Ownership Home Loan through Keystart, the WA Government's home loan lender.
What kind of home can you buy?
Some advantages of a Shared Home Ownership loan
- The Department co-owns a share of your home, lowering your loan repayments
- Low deposit of $2,000 or 2 per cent of the purchase price (whichever is greater) for first home buyers
- Deposit of $2,000 or 2 per cent of the purchase price plus stamp duty and fees for non-first home buyers
- No savings history required
- No lender's mortgage insurance
- No monthly account keeping fees
- First home buyers can use the First Home Owner Grant towards the deposit and apply for a grant from the Home Buyers Assistance Account to assist with moving costs.