The National Housing Finance and Investment Corporation (NHFIC) has announced a new housing initiative that is set to deliver up to 22 affordable rental dwellings for women in Strathnairn, Canberra.

The aim is to support single women aged between 25-45 years old who are facing rental stress or those who are at risk of homelessness. 

The proposed program will allow women to find affordable and long term stable accommodation.

The homes will include a mix of one, two, and three bedroom dwellings with the option to purchase the property at the end of a 10-year lease. 

Under the concept, an affordable rental of 74.9% of the market rate would be set and a savings plan created for the potential buyer, funded by the lower cost of the NHFIC’s finance and Community Housing Canberra operational efficiencies.

The savings plan, coupled with a share of the capital growth would provide an opportunity for the potential buyer to accumulate a 20% deposit by the end of the 10-year lease.

ACT Minister for Housing and Suburban Development and Minister for Women Yvette Berry MLA said the program is a stepping stone to achieving the great Australian dream. 

“The Ginninderry Women’s Housing Project is designed to provide a pathway to home ownership for financially vulnerable women who otherwise would struggle to enter the market,” Ms Berry said.

“This is not just about providing a roof over women’s heads; it’s about giving a real solution to the housing crisis many women face in our community.

“This initiative will enable women to focus on building the future they want without struggling to make ends meet.”

Construction is due to commence in December 2023. 

See Also: What are rent-to-own schemes?

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.06% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
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5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
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6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
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5.69% p.a.
6.16% p.a.
$2,899
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Fixed
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$530
90%
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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