Buying an Affordable Home
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 as an owner on the certificate of title must:
- be aged 18 years or older
- not currently own a property
- plan to live in your home as an owner occupier
- be a resident of South Australian
- meet the income and asset limits.
Public and community housing tenants
Current Housing SA or community housing tenants are automatically eligible for the Affordable Homes program. If you have a debt with Housing SA you must repay the debt in full before the settlement date. If successful you will no longer be eligible for public housing, and any in progress applications will be cancelled once a property is purchased.
2. Find a property
Visit the Affordable Homes site to view all available homes. You can register to receive emails alerts when a property has been listed that matches your preferences.
3. Arrange finance
You are responsible for organising your own finance and can use the lender of your choice. If approved for a loan 'in principle', your lender should provide you with a letter confirming the amount to be borrowed. Real estate agents can only sell Affordable Homes to pre-approved, eligible buyers.
You may wish to consider HomeStart Finance which offers a range of loans specifically tailored for low to moderate income households.
4. Buying a property
Contact the real estate agent selling the property to organise a time to view the property and arrange for a property inspection.
Once ready to purchase, complete and sign a 'declaration of eligibility' form and return to the real estate agent within five working days.
If you are not first in line when you express interest to purchase, you will become next in line if settlement does not occur.
5. Complete property purchase
The real estate agent will request a proof of 'in principle' finance from your lender, a contract of sale will be drawn up, and a settlement will be booked in at the Lands Titles Office. After settlement, you will legally become the property owner.