Is Rent to buy or Shared Equity Homeownership for you? What is the difference?
It is getting harder to buy your own home which is why programs like BuyAssist exist. Our program is not the same as rent to buy or co-ownership. Find out how.
Our innovative, not-for-profit backed affordable housing program can help you to buy you home by providing equity support.
What is rent to buy and shared equity homeownership?
BuyAssist delivers a shared equity homeownership program. This means our investor partner provides equity to support an eligible household purchase.
Our home buyer help means:
* You don’t need a 20 per cent deposit to buy your home
* You don’t pay Lenders Mortgage Insurance
* You only pay interest on your first mortgage. This loan will be for less than 80% of the property price
* You buy your home as soon as you meet our homebuyer fund eligibility requirements. No more renting for years until you have saved a deposit.
The equity support is secured through our Home Ownership Participation Agreement and is repaid when you either sell, refinance or are no longer eligible. No interest is charged on the equity support.
We are not a co-ownership program – you are 100% on the title from the point of settlement.
Rent to buy is a different option that also aims to help people buy their home.
Depending on the program, you are given the option to rent a new home for 5 years. At the end of this time you can elect to buy the home for an agreed price. The price is typically locked in at the start of the 5 years. You will need to secure a mortgage and pay 100% of the cost of purchase.
This will likely mean you will require a 20% deposit saved so you can secure a bank loan and avoid Lenders Mortgage Insurance.
Want to know more about BuyAssist shared equity home ownership?
Have a look at our Frequently Asked Questions or register or call or live chat to find out more.
Our customer service team will go through the terms and conditions after you register and have your initial eligibility checked.
In addition to receiving BuyAssist first home buyer support, you may also be eligible for Victorian Government first home buyer grants and/or stamp duty exemptions. You can find out more about these home buyer grant eligibility here.
Our finance partners will also assist you to understand how to access any first home owner grants you may be eligible for.
