How a hardworking Aussie cop got someone to pay for half of his $1.6million home: ‘I honestly thought it was going to be a scam’
How a hardworking Australian cop convinced someone to pay off half of his $1.6 million house: ‘I honestly thought it was going to be a scam’
- Ben De Laroche bought a house for $1.6 million in Petersham
- Nonprofit organization paid for half
A young police officer managed to snatch a three-bedroom house worth $1.6 million in Sydney after paying only half the price.
Ben De Laroche, 33, had worked as a police officer for 13 years and lived with his mother in Penrith, in the city’s west.
He managed to save $300,000 and last year began looking for a house in Sydney’s west to be closer to his work.
But after struggling to afford a house big enough to raise a family in a day, Mr. De Laroche said he began to consider moving further west and away from his work.
His girlfriend told him about a nonprofit, Hope Housing, that helps essential workers like those in emergency services buy property closer to where they work.
STOCK: Young cop managed to snatch a three-bedroom house worth $1.6 million in Sydney despite only paying half the price (stock image)
Hope Housing will cover a percentage of the cost of a home purchased by workers considered essential.
These include police officers, paramedics, firefighters, cleaners, transport workers and teachers.
The homeowner does not have to make any repayments to Hope Housing, with the organization getting their money back once the home is sold.
Hope Housing also receives a portion of the home’s capital gains once it is sold and currently only covers properties in the Greater Sydney area.
“Honestly, I thought it would be a scam. It just seemed too good to be true because they offered to pay for half the house and didn’t ask me for any money or contribution to the process. But it really was and I bought my first house.
The aim is to ensure essential workers can live closer to their jobs and avoid longer commutes, with the home remaining fully owned by the buyer.
“On paper, I still own the house outright even if they pay half of my repayments,” Mr De Laroche told the Australian Financial Review. “If I never sell the house, I don’t have to pay them back. »
Ben De Laroche said property prices had led him to consider buying a property in western Sydney, much further away from his work (pictured is a house in western Sydney) .
Mr De Laroche said although he was a “textbook saver”, Sydney’s soaring property prices had made it almost impossible for him to find anything bigger than a “shoebox”. .
“It is simply unfortunate that the last 10 years have seen the highest house price rise in history. The money I could borrow was not enough to buy a house near my workplace (in the west). Even though I save my textbooks and don’t do anything stupid – I don’t smoke or drink. ‘
The cop managed to buy a three-bed apartment for $1.6 billion in Petersham in June this year, with Hope Housing covering 50 per cent of the cost.
Mr De Laroche’s girlfriend also moved into the house.
Hope Housing states on its website that it considers selling a home a “good investment”.
Members of the Defense Force, Border Force and prison guards are also eligible, as are ministers of religion.
The policeman managed to buy a three-bed apartment for $1.6 billion in Petersham in June this year, with Hope Housing shelling out 50 per cent of the cost (stock image)