Realise your home ownership dream in Ballarat with no deposit required

AN initiative is supporting more people to buy their own home in Ballarat without requiring the time and challenge of saving a deposit.

Through its innovative, socially driven approach, BuyAssist has supported over 100 households achieve affordable home ownership and currently has new investment available to enable more households achieve their housing dream in Ballarat.

For BuyAssist program homeowner Alan the benefits are clear, “I wanted the stability of being in my own property. Renting was fine but it’s dead money. You’re paying off someone else’s mortgage.”

Current market research estimates it can take over eight years to save a 20 per cent deposit, and when homebuyers with a deposit of less than 20 percent face paying Lenders’ Mortgage Insurance and a higher cost mortgage, many people are simply giving up on ever realising their home ownership dream.

This deposit and serviceability challenge is why BuyAssist, part of the National Affordable Housing Group, created an innovative, shared equity homeownership program that supports people without a deposit to buy their own home.

So, how does it work?

Through the Homeownership Program, BuyAssist works with households that want to purchase but are struggling to save a deposit to confirm their program eligibility and borrowing capacity and to select a suitable, brand new property to purchase.

Through National Affordable Housing the buyer receives an equity contribution of up to 25 per cent of the cost of the property meaning the buyer only needs to borrow 75 per cent of the purchase price from one of our banking partners.

There is no interest charged on the equity contribution and the buyer is 100 per cent listed on the title, enjoying all the benefits of homeownership.

When the owner decides to sell, or is able to refinance, the equity contribution is repaid enabling National Affordable Housing and BuyAssist to support another household to buy their own home.

Developers can also participate in the Program by selling land and homes to BuyAssist nominated purchasers who, with BuyAssist and National Affordable Housing support, can purchase the home and realise what was previously seemingly impossible.

To be eligible for support households need to be an Australian citizen or permanent resident, meet income eligibility requirements, have stable employment and an ability to service a mortgage, not currently own land or property, and want to buy their own brand-new home.

More information on program eligibility and a video explaining how the program works is available at buyassistaustralia.com.au.

If you are looking to buy your own home in the Ballarat region but have struggled to save a sufficient deposit, you are invited to register your interest in the program at buyassistaustralia.com.au/register.

The team will get in touch and looks forward to assisting more people in Ballarat achieve their home ownership dream.