The ACT’s Minister for Housing, Joy Burch, has announced the good fortune of the Graney family as the first Housing ACT tenants to use the ACT Government’s Shared Equity Scheme to buy their Kambah home of 14 years.
Under the Shared Equity Scheme, tenants who cannot afford to buy the full value of their home can buy a percentage of it, with Housing ACT retaining the remaining percentage until it is also purchased by the tenant.
Ms Burch said the scheme allows tenants to progressively purchase the property, increasing their equity and eventually moving to full ownership. Today she joined IMB in congratulating Mr and Mrs Graney on becoming homeowners.
“Seeing former tenants like Mr and Mrs Graney buy the home that they have lived in as tenants for 14 years is very rewarding for me and Housing ACT,” Ms Burch said.
“It affirms this Government’s decision to develop this innovative scheme, which extends the benefits of home ownership to people in our community who were previously excluded.”
Pity about renters in the commercial market.