Western Australia’s first home buyer shared equity scheme First Start could be under threat as its funding dries up.
Major property groups in the state say the scheme’s funding could fall short within six months and have called on the government to commit more funds to the scheme.
Nigel Satterley, the state’s biggest private property developer, told The Australian Financial Review, that the $70 million top up pledged by Premier Carpenter was not enough.
“This is the best shared equity product in the world,” he said, “but what [the government] needs to do is provide another $200 million before the fund can become self-generating.”
First Start was set up in February 2007 and allowed the state government to finance and own up to 40 per cent of a first home buyer’s property worth up to $375,000.
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