We understand that the dream of home ownership can be challenging. The State Government’s Opening Doors initiative provides a range of affordable home ownership opportunities for all Western Australians, including:
Shared home ownership is perfect if you don’t like sharing. Simply put, you share the mortgage with the State Government. This means the upfront costs of buying a property and the monthly loan repayments are significantly lower than if you bought the home on your own. The State Government can contribute up to 30 per cent towards the cost of your home, depending on your income and household size, for eligible applicants.
If you do not qualify for shared home ownership, you may be eligible for full home ownership. This is where you purchase 100 per cent of the home.
There are a range of affordable homes available across Perth to suit singles, couples and families, including one, two, three and four-bedroom homes.
So, here are the real differences between shared home ownership and full home ownership:
Shared Home Ownership
With shared home ownership the upfront costs of buying a property and the monthly loan repayments are lower with the State Government contributing up to 30 per cent towards your mortgage, for eligible applicants only.
If you are interested in becoming a home owner through the Opening Doors shared home ownership initiative, you need to qualify for a SharedStart home loan offered by Keystart, the State Government’s lending provider. Full eligibility criteria is available from Keystart here.
Full Home Ownership
In brief, if you are not eligible for shared home ownership, the State Government has a range of quality homes available for full sale in sought after locations.
With the Opening Doors full home ownership initiative, you are not required to obtain a home loan through Keystart, and can instead choose a home loan provider that best suits your individual needs. To browse Opening Doors’ properties for sale, click here.