West Dapto boost from Home Deposit assistance

West Dapto boost from Home Deposit assistanceWollongong Council has finally launched its West Dapto Home Deposit Assistance Program to help low to moderate income earners get their foot in the door of the housing market in the West Dapto Urban Release Area. This Program is an initiative of Wollongong City Council established with funding received under the Australian Government’s Building Better Regional Cities Program. Council received $13.9 million in funding to help bring forward the West Dapto development and to allocate $9.2 million to assist low to moderate income earners to purchase a home in the West Dapto Urban Release Area. The Program has been approved by the Australian Government and can now be delivered by Council in cooperation with IMB. The Program applies to new houses or house and land packages in the West Dapto Urban Release Area up to the value of $415,000. Under the Program, a security deposit of 20% of the home price will be placed with IMB for approved applicants. As the home loan reduces and a Program borrower’s equity in their home grows, the security deposit will be released back to Council and Council can continue to offer assistance to new applicants.The Program was updated recently as the result of the Australian Government approving an increase in the uppermost household income limit for a family from $104K to $112K. This increase is in line with the indexation of income limits for the other household compositions. This is good news, as it will potentially allow more families to qualify for assistance.Initially, council is proposing to offer up to 123 assistance packages – 27 in the first year with remaining packages distributed approximately equally in the following two years.Council hopes to be able to help as many as 300 households buy their own home over the next 15 years.For more information click here.