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State waters down shared equity scheme

The state government will take a maximum stake of 25 per cent in homes under the revamped First Start shared equity scheme which this week received a $70 million lifeline.

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Comments

Busselton
I think you should have kept it at 60 40, prices in Busselton have not gone down that much,and every time the goverment tries to help out the couples trying to buy a home, the builders find something else to tag on to the price. Devolopers have also become very greedy with land prices that I think we are at the bottom of the crisis with buying your own home. I find it very hard to believe that land is worth what these greedy people want for it in such a short time span. Susan

Albany
I needed the 60/40 to be able to get into the market in Albany. Now that it has been lowered, there is no way I will be approved for enough on my single income. I had applied through the old equity scheme 2 months ago and if Keystart had more staff capable to deal with these applications, I probably wouldve been approved sooner. Its unfair that there is 450 of us that had applications in the old scheme and are now told we will have to re apply under the new scheme rules. They also say we will have priority over other applications. Having dealt with Keystart alot through work I seriously doubt that will be carried through properly. I am glad they have at least re started the scheme, but it is a huge dissapointment to those of us who had applications waiting so long - so close to getting our home - to now be told to start again under the new, tougher scheme.

perth
To A Galasso and Susan French: The majority of people reading this article and your comments have not, and never will have, the opportunity for either the 60/40 or 80/20 "helping hand" in regard to their first home. Even with the scheme being scaled back to 80/20, you may wish to reflect on this point, and your relative good fortune. A simple "thank you" to your fellow West Australian taxpayers - the people making this possible for you would not be out of order. Good luck with your applications.

Perth
My family says a big thank-you to WA every day for this scheme. We were approved a loan to buy a 2 bed 1980's townhouse in the Eastern Suburbs just a few weeks before the new government changed the rules....my family of four have been trying for years to get into our own home - it has been a real battle. It was very difficult to get this loan and took well over a year to meet all their requirements. And Mark - we too are taxpayers. My husband and I both work full time - we do not have highly paid jobs, but are working on improving our situation. I think many people need this 'helping hand' due to the crazy house prices we are faced with, I am sad that the new government have made it even more difficult to get one of these loans approved. I don't know how we could have afforded a 'normal' loan when it would mean paying well over half of our families' income on a roof over our heads. That is just unreasonable, so we're very grateful the scheme was available to us at that time. Karina.

Perth
Mark Andrews & to all fellow schemers - The only reason the government has bought the scheme back is because of the financial turmoil our country is now in. It has nothing got to do with the West Australian Tax Payers - because everyone going for the shared equity are tax payers ( If you dont have a job, how would you get a loan?) However - I will agree that a helping hand is better than nothing, and that people must realise that having the government owning only 25% will be better for them in the future..while you will only have to buy out that little percent, the rest will have to buy out the 40, which will be very expensive, depending on the markets. Good luck everyone with the scheme and getting into your first home Kristel

Albany, Western Australia
I honestly believe the government has unrealistic expectations of just how little the average person brings home in a wage/salary , let alone those on low income. Not everyone on low income are lowlife's who sponge off the system, the majority are hard working people who along with soaring prices in fuel and food just can't honestly afford a stardard morgage, now if you happen to be single you can just about throw that dream out the window. my husband and i recently separated and yes we do both work, but each of us sharing the custody of our children neither one of us can afford to purchase our own home. i do think its fair to elimiminate a program that was running for such a short time [but to] bring it back with only 20-25% available the government simply underestimated how many strugling people there were and when it run out of money and changed leadership so quickly they have two excuses to back out of a fair deal. you can't apply if your not eligible so therefore how can anyone say its a freebee or a handout. there is no way a freeloader could even afford a shared equity morgage payment and still function. I am proud and grateful the government offered something at all, however i feel they are neglecting the low income working people.

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