Karyn is now the proud owner of her own home on the NSW Central Coast thanks to being able to live in affordable housing and a government home ownership scheme.
Living in a Home in Place affordable housing property for two and a half years allowed Karyn to save enough to make her dream of home ownership a reality.
She says affordable housing programs are massively important to help people to keep working and move back into the rental market or home ownership.
“Affordable housing gave me so much relief from the financial stress I was under,” Karyn says.
I fell a bit unwell and had to drop from working five days a week to four. That wouldn’t have been possible if I was renting privately.
Affordable housing properties, where rents are capped at 75-80% of the assessed market rate, are rented to low-income households, who would otherwise experience housing stress in the private rental market.
In addition to being able to save while living in affordable housing, Karyn was able to take advantage of a NSW Government Shared Equity Home Buyer Helper Scheme to buy her home. The scheme, which closed mid-2024, helped key workers, single parents, older singles, and survivors of domestic and family violence, to secure a mortgage with a deposit as low as 2% and avoid expensive lender’s mortgage insurance.
Before moving into affordable housing she was struggling to pay rent in the private market.
“Affordable housing is fantastic. It was a stepping-stone into controlling my own financial future. It has been very empowering.”
Karyn says the current rental crisis means many people are stuck in social housing or affordable housing. She hopes her story gives some people hope or encouragement to keep working towards getting their own home.
I was sad to leave my Home in Place affordable housing place but I am glad to free it up for someone else who needs it.
Karyn has started to slowly renovate her new home. There are new floorboards to replace the old carpets and new window coverings.
Her next project is to repaint the pastel green walls. Longer term, she’d like a new kitchen and laundry. For now, she is enjoying having a home of her own to share with her teenage daughter and dachshund.
