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Housing scheme proves a hit in WA

By Kevin Kelly

Getting onto the property ladder is a dream many people in Western Australia have and thanks to a government scheme, many of them have made this a reality.

The Department of Housing's Shared Equity Program has already proved a success across the state, helping people buy property in South Bunbury and further afield. So far, more than 700 property buyers have made the most of the scheme.

Through the scheme, homebuyers share 30 per cent of a property's purchase price with the government department and borrow the remaining 70 per cent from Keystart Home Loans.

All that is needed is a 2 per cent deposit, meaning the scheme is especially handy if you haven't yet built up sufficient cash to put down on a property.

Aside from helping Western Australians realise their property ambitions, the scheme has also brought advantages to the wider economy.

The Australian Housing and Urban Research Institute and PricewaterhouseCoopers found that during the three years since the scheme started, it has generated $360 million for building suppliers, builders and supplier industries.

Not only this, more than 1,000 full-time roles have been created, offering more employment options if you're hoping to move to the area.

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