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The NSW government has announced a $780.4 million shared-equity scheme for housing that targets front line workers.

The program, which is near identical to the policy the Albanese government took to the election (and was mocked for by the then PM), could see the state government contribute up to 40% of of equity for a new home or 30% for an existing home.

Front line workers such as teachers, nurses, police officers, single parents and single people aged 50 years and over would be eligible for the shared-equity scheme.

Earlier today, premier Dominic Perrotet said the scheme would run as a two year trial, and work alongside the federal government’s program:

We want to make sure that people right across New South Wales have that opportunity because we know home ownership is crucial to growing wealth.

The program intends to help with the purchase of 3,000 homes a year, but Perrotet said that could be expanded. People will need to earn $90,000 individually or have a combined income of $120,000 to be eligible.

The program will also cover homes worth $950,000 in metropolitan areas and $600,000 in regional areas, a figure treasurer Matt Kean says is about what 60% of properties are worth.