Shared Equity home ownership opportunities for older women

31 Jul 2022

A Grant to End Homelessness was awarded to QShelter and Zonta to provide a better understanding of home ownership options for older women on low incomes, who are at risk of homelessness. The report included a deep dive into shared equity schemes along with research with 166 women to learn more about their current financial status to better understand their ability to repay a loan.

The report included financial modelling of a number of scenarios for women at different ages, income levels, available savings for deposits, various mortgage terms and property values.

The results showed that a shared equity scheme may be suitable for:

  • single women aged 45 – 55 years
  • earning $55,000 – $80,000
  • property price: $300,000
  • equity share: 50%
  • maintenance costs per fortnight: $200
  • mortgage term: 15 years
  • deposit available: up to $30,000

Modelling showed that shared equity would be affordable for this cohort of women in terms of housing cost (less than 30% of income) and cost of living benchmarks (less than 80% of gross income).

QShelter has shared the research with the private sector, financial sector and community sector representatives to investigate alternative ways to finance housing, including shared equity for older women.

QShelter plans to continue running workshops and making presentations to State and Federal Government and other key stakeholders with a view to piloting a scheme in the near future.

The report can be downloaded here: Shared Equity Schemes for Older Women in Queensland – Gold Star Project