Affordable Homes Assist is a home purchase ‘shared equity’ loan through the SA Government, reducing the cost of buying select new homes for South Australians on low to moderate incomes up to $110,000.
Eligible buyers enter into an agreement with the SA Housing Authority who will cover a percentage (up to 49%) of the initial investment into an Assist home, payable back following refinancing or sale– whichever comes first.
When the agreement ends, the Assist buyer returns the same proportion of the property value at the time of refinance or resale, as was initially invested by SA Housing Authority.
An Assist buyer is a full and complete owner of the property’s title, enjoying all benefits and responsibilities of home ownership, while SA Housing Authority is simply registered on the property’s title as a holder of a second mortgage.
Finance for Assist properties is available from HomeStart Finance.
If you would like to find out more information, please register for an information session.
When available, properties can be found on our website
THE BENEFITS TO YOU
Advantages to you include:
FREQUENTLY ASKED QUESTIONS
Am I eligible?
In some instances, additional criteria may apply, but you may be eligible for Affordable Homes Assist if you:
Check all eligibility requirements.
Why Affordable Homes Assist?
Affordable Homes Assist significantly increases purchasing power without increasing mortgage repayments, helping more South Australians into home ownership.
What if the market value drops to below the initial purchase price?
SA Housing Authority shares in a portion of any gain or loss in an Assist property’s value.
What happens to Assist funds recouped by the Government?
Any proceeds recouped from Affordable Homes Assist are used to help more South Australians access safe and affordable housing.
Can I make improvements to/renovate my Assist home?
Yes, you are the full owner of the property and free to make improvements or renovations as you see fit.
Can I pay out all, or a portion of, the investment made by SA Housing Authority in my home?
Yes. Contact HomeStart Finance for a valuation that will determine the balance owing.
How soon can I sell my Assist home?
Buyers are required to reside in an Assist home for a continuous period of 12 months immediately after settlement.
What happens when I’m ready to sell my Assist home?
When an owner decides to sell an Assist home, they must contact HomeStart Finance for a valuation and inform SA Housing Authority of their intention to sell.
What is the process to be an Assist home?
Register with Harcourts to find out more about Assist at an open night
Undertake pre-approval of your finance with HomeStart Finance
When Assist properties are made available for sale (on www.affordabehomes.sa.gov.au) contact the Real Estate Agent to be first-in-line.
Sign the paperwork to secure your home
Purchase the land
Construction to build
Home loan mortgage
Assist Deed with SA Housing Authority
Your home is built
You get the keys!
How do I find more information?
For further information on Affordable Home Assist contact:
Harcourts Property People