The GoodStart shared equity scheme is designed to assist Department of Housing tenants to purchase either their current rental property or an alternative property on a shared equity basis.

A GoodStart loan requires a minimum deposit of $2000 or 2 per cent of the purchase price (whichever is greater) and standard fees and charges apply. Department of Housing tenants who are eligible for the $7000 First Home Owners Grant may use these funds to cover the required deposit and fees. For further information on the First Home Owners Grant, click here.

People who are not eligible for a First Home Owners Grant may be eligible to borrow up to $2000 for assistance with fees. Non-first home buyers may also be eligible for a non-repayable grant from the Department of Housing of up to $3000 to assist with the costs associated with the purchase.

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Eligibility criteria

Applicants for the GoodStart scheme must:

• be a current Department of Housing tenant and have income within the eligibility limits for the scheme
• over 18 years of age
• not have any debts owing to the Department of Housing or Keystart
• have a satisfactory rental and credit history
• be able to demonstrate that you have the capacity to meet the required repayment
• not own or part-own another property or land in Australia
• not be currently bankrupt or discharged from bankruptcy within 2 years of the date of the application

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Where do I obtain further information?

For information about GoodStart or to determine if you are eligible to apply for the scheme, contact:

GoodStart Loans
Toll Free: 1800 001 722

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