The West Dapto Home Deposit Assistance Program (WDHDAP) has been established to help low to moderate income earners get their foot in the door of the housing market in the West Dapto Urban Release Area. We hope to be able to help as many as 300 households buy their own home over the next 15 years.
This Program is an initiative of Wollongong City Council established with funding received under the Australian Government’s Building Better Regional Cities Program. Council received $13.9 million in funding to help bring forward the West Dapto development and to allocate $9.2 million to assist low to moderate income earners to purchase a home in the West Dapto Urban Release Area. The Program has been approved by the Australian Government and will be delivered by Council in cooperation with IMB.
The Program applies to new houses or house and land packages in the West Dapto Urban Release Area up to the value of $474,000. Under the Program, a security deposit of 20% of the home price will be placed with IMB for approved applicants. As the home loan reduces and a Program borrower’s equity in their home grows, the security deposit will be released back to Council and Council can continue to offer assistance to new applicants.
Initially, we’re proposing to offer up to 123 assistance packages - 27 in the first year with remaining packages distributed approximately equally in the following two years.
Conditions apply, so please read the documents on the right of this page under 'Program Information' carefully for full details.
You’re advised to obtain your own legal and financial advice prior to obtaining financial assistance under the Program and prior to entering into any contract to purchase a property or to obtain a home loan.