Premier Dominic Perrottet today announced a $780.4 million commitment to the program under the upcoming state budget, which will see the government contribute an equity share of up to 40 per cent for the purchase of a property.
It will also allow many public sector workers to enter the housing market with a two per cent deposit.
Perrottet said the scheme would help address housing affordability.
“We know housing affordability is becoming a real challenge,” he said.
“We want to make sure you have that opportunity. We know home ownership is crucial to growing wealth, to growing the opportunity that people right across our state deserve.
“We want to make sure people across NSW have the opportunity to buy a house.”
The scheme will initially be available to 3000 frontline workers such as nurses, police officers and teachers, as well as singles aged over 50 and single parents.
Workers will need to earn $90,000 individually or have a combined income of $120,000 per year to be eligible.
That means eligible people would only need to contribute a two per cent upfront deposit under the scheme on homes worth up to $950,000 in metropolitan areas and $600,000 in regional areas.
Treasurer Matt Kean said the scheme would be trialled over a two-year period.
“This is about helping people reach their goal and live their dream,” he said.
“One of the particular cohorts we are focusing on in particular who are falling through the cracks and that’s older singles, particularly women who are divorced.
“It’s a huge area of growing social need. We want to make it as easy as possible for that cohort to get back on their feet safely.”
The scheme is slated to begin in January 2023.