What is shared home ownership?

Shared home ownership is perfect if you don’t like sharing. It’s the smart way to get into a home of your own, without needing a huge income. Through the Opening Doors initiative, the State Government contributes up to 30 per cent of the cost of the home - you share the mortgage, not the home.

Saving up for a deposit is made easier too. You only need $2000 or two per cent of the purchase price – whichever is larger. There’s also no need for a savings history, no lender’s mortgage insurance and no monthly account fees.


As a strong, forward-thinking and independent 26-year-old, Melissa’s goal was to build capital equity for when she retired through owning a place of her own.

She never wanted to be financially dependent on another person so as soon as she was granted permanency at work, she started researching her home ownership options. It wasn’t however until she attended an informative talk about shared home ownership, organised by Keystart (the State Government’s lending arm), that Melissa took real action. ‘I thought, actually, I fit that income criteria currently so I’ll sign up too and be part of what I’m promoting at work, so that really was a stepping stone for me,” Melissa said. Now as a 31-year-old, the acting sales support officer at the Department of Communities still describes buying a home in Seville Grove as “a dream come true”. “I wasn’t earning enough to do it on my own when I was 26 so the Housing Authority (now part of the Department of Communities) helped me maintain my independence and my freedom,” Melissa said. “They gave me peace of mind that they’ve got my back, and that I can get a mortgage on my

own, with their help, and I’m very grateful for it.” Utilising the shared home ownership initiative, Melissa owns 80 per cent of her home, while the State Government contributes 20 per cent towards the cost of her three-bedroom two-bathroom house. Perched on her comfy couch, Melissa said buying her first home was “hassle free”, and said it was

after she got the keys to her brand new home that the fun began. “I finally had this blank canvas to decorate how I wanted to, and I got to go out and buy the furniture that I liked and put up the paintings that I liked... I’ve made it my place,” she said. Asked if she would recommend shared home ownership, her answer was simply “absolutely”. “Especially for women and single people who don’t want to be dependent on others or don’t want to be living with their parents anymore,” Melissa said. “Gen Y, get out there and make it happen.”

To see if you qualify for a shared or full home ownership home loan, contact Keystart, the State Government’s lending arm, on 1300 578 278 or visit www.keystart.com.au.

Then visit the Opening Doors website to start hunting for new homes in great locations.

Go to openingdoorswa.com.au to find out more today.

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