BuyAssist offers financial support for eligible individuals, couples and families to purchase a newly built property sourced by BuyAssist with no deposit required.
Through our government or charitable equity programs, we provide an average 25% of the purchase price of your new home which means homebuyers do not need a deposit.
* You don’t need a deposit to qualify as our shared equity contribution covers the equivalent of a deposit. This means you can buy your own home sooner.
* We make an assessment of your servicability – the amount you can afford to borrow and repay to the bank
* We connect you with qualified lenders
* We match you to a property that you can call home.
The Details
The amount of shared equity home owner support made available will typically be around 25% of the purchase price of the property. This is the “BuyAssist HomeBuyer Support Amount”. The BuyAssist Homebuyer Support Amount is provided by Investor who is looking to support sustainable and affordable home ownership.
The BuyAssist HomeBuyer Support Amount is combined with any savings you might have and a normal home loan from a lender that supports the program.
You will need to enter into a Home Ownership Participation Agreement (“HOPA”) with the Investor to access the financial support. The HOPA outlines the rules that govern how the support is provided and your obligations to us and our obligations to you.
In exchange for the support, you agree that the Investor (the party providing the homebuyer support) will be entitled to an agreed share of the property’s future value. For example, if the support amount was 25% of the property’s purchase price then the Investor will receive 25% of the property’s agreed value when the Home Ownership Participation Agreement is completed. This usually occurs when you decide to sell the property or refinance. The same calculation is applied even if the value of the property falls.
