Eligibility for affordable homes
The Affordable Homes Program offers eligible buyers exclusive access to properties at prices below the normal market rate. These properties are available for a limited period of time before being listed for sale on the open market.
Properties are available throughout South Australia and include former public and community housing stock, and new houses in the latest developments.
The process of buying an affordable home
1. Check your eligibility
To be eligible, everyone who will be listed on the certificate of title must meet all of these criteria:
- are aged 18 years or older
- are a South Australian resident, or plan to become a South Australian resident
- don't own or part own any residential property or land
- intend to be the owner occupier
- meet the income and asset tests for the Affordable Homes program.
If you are a current Housing SA or Community Housing tenant you are automatically eligible for the program.
If you purchase a property you will no longer be eligible for public housing, and if you have lodged an application it will be cancelled.
If you intend to buy a property and have a debt with Housing SA, this must be repaid in full before the settlement date.
2. Arrange finance
You are responsible for organising your own finance and can use the lender of your choice. You should ask for a letter from your lender that shows how much you are able to borrow. You will be asked to show proof that you have been approved an 'in principle' loan. This is usually a letter from your lender.
You may wish to consider HomeStart Finance which offers a range of loans specifically tailored for low to moderate income households.
3. Locate a property
Properties are also advertised in newspapers and online and can be identified by an orange key icon.
Contact the real estate agent listed to:
- organise a time to view the property
- arrange for any property inspections you require
- get a 'first opportunity to purchase form' completed by the real estate agent and signed by both you and the agent if you are interested in buying the property.
4. Confirm your eligibility
Once you have found a property your real estate agent will give you an 'eligibility declaration form' to complete and return to the agent within five working days.
5. Purchase your property
Give the real estate agent a copy of the letter from your lender showing how much you can borrow 'in principle'.
The contract will be drawn up and a settlement will be booked in at the Lands Titles Office. After settlement, the property will legally become yours.