Paramedics and early childhood educators in NSW will become eligible for homebuyer support to help essential workers live near their work.
They will join police officers, teachers, nurses and midwives who have been able to purchase homes with as little as a 2 per cent deposit in exchange for an equivalent interest in the property.
The Shared Equity Home Buyer Helper is set to launch on 23 January and will see the state government contribute up to 40 per cent for a new home or up to 30 per cent for an existing home for eligible buyers.
There are 3,000 spots available annually for the next two financial years to eligible essential workers as well as singles over 50 and single parents with dependent children.
It applies to properties purchased up to $950,000 in Sydney and regional centres including Central Coast, Illawarra, Lake Macquarie, Newcastle and the North Coast of NSW.
In all other parts of NSW, the maximum property purchase is capped at $600,000.
The program is capped at a maximum gross income of $90,000 for singles and $120,000 for couples.
Bendigo and Adelaide Bank will be the initial participating lender for Shared Equity Home Buyer Helper, while other lenders given the opportunity to join the initiative next year.
A new online tool has been launched to help NSW residents identify if they are eligible to apply.