A new doorway has been opened for renters who want to buy their own home under the SA Housing Trust’s new  Rent-To-Buy Affordable Housing Initiative.

Under the program, 125 eligible renters will be able to rent a new property built by the Trust for two years at an affordable rent before they purchase the property.

An affordable rent means renters will pay a reduced rent at 75% of the market rate for a property, meaning they can save up for a deposit on the home they are already renting. The program boosts renters’ saving capacity, helping them out of the rental cycle and into owning their own home.

At the end of two years, renters have the first option to buy the home. Financing can be secured through government backed lender, HomeStart Finance.

One Hundred homes being built under the Trust’s Affordable Housing Initiative will be sold under the Rent-To-Buy Affordable Initiative, meaning 125 eligible renters will have the opportunity to buy a home.

If this could help you, visit HomeSeeker SA to find out if you are eligible.