Program helps social housing tenants to own their own home
AN INNOVATIVE program which aims to help people move from social housing to realising the dream of owning their own home is now accepting applications.
North Coast Community Housing chief executive, John McKenna, this week announced the organisation was working with a Community Sector Banking Partner to offer shared equity home loan opportunities in the Unpack for Good opportunity to eligible purchasers of NCCH properties.
"Unpack for Good is a unique pilot program that helps people living in community housing or buying into one of our developments, purchase their own home,” he said.
"The resident contributes up to five percent, NCCH contributes 20 per cent of the property's cost and the remaining 75 per cent is a regular home loan through Community Sector Banking.
"We hope to be flooded with applications.”
Mr McKenna said this means residents will be able to co-own their home with NCCH.
"Sharing ownership lowers the cost of purchasing the home for residents, meaning they can buy a home that would otherwise be unaffordable,” he said.
"Not only does it assist residents into home ownership, it also frees up housing stock for community housing providers, allowing them to assist more people.”
Community Sector Banking chief executive Andrew Cairns said Unpack for Good is a project whose time is on the moment.
"We know that safe, secure and affordable housing is the cornerstone of people building productive and healthy lives,” he said.
"This program is being pioneered by Community Sector Banking and a number of regional Community Housing Providers without government involvement; providing a hand-up rather than a hand-out”
Mr Cairns said this pilot is a great example of innovation to tackle the housing crisis.
"It (also) shows how financial services and housing providers can work together to create more affordable housing, strengthen regional economies, and improve intergenerational outcomes for years to come,” he said.
For more information on how the scheme works and eligibility criteria please visit www.ncchc.org.au and download the Unpack for Good brochure.