Affordable Homes ASSIST
Increase your purchasing power, not your repayments
Affordable Homes Assist is a shared equity program that helps eligible buyers purchase house and land packages.
Backed by the Government of South Australia, Assist reduces your purchase price and subsequent repayments of a property because SA Housing Authority covers a portion of the initial investment.
1. The house you want to purchase is listed on the market for $350,000
How does Assist work?
When you purchase a home through Assist, you’ll contribute the deposit and a portion of the value of the home through a primary home loan. SA Housing Authority contributes the remaining portion of the home’s value through a second mortgage.
Here's an example:
2. You contribute $262,500 for the deposit and primary loan (75% of the total value at purchase)
3. SA Housing Authority contributes $87,500 (25% of the total value) as an Assist Loan
What are the benefits of an Assist Loan?
- Lower monthly loan repayments
- No Lenders Mortgage Insurance
- No account keeping fees
- Pay no loan repayments for nine months or until your home is built, whichever comes first
- First home buyers can use the First Home Owners Grant towards the deposit, fees and costs
What’s the catch?
No catch! But Assist properties are only available for a limited time and are sold to eligible buyers on a first in line basis.
What do I need to do?
Step 1: Check you’re eligible for the Program
Step 2: Register for property alerts for newly released Assist homes
Step 3: Contact the sales agent selling the home and they’ll put you in touch with the lender managing the shared equity loan.
Step 4: If you’re the first eligible buyer and have your financial pre-approval, sign the paperwork to secure your new home.