The NSW government will trial a two-year, $740 million shared equity scheme to help nurses, teachers, and police officers enter the housing market.

Premier Dominic Perrottet said NSW wanted to leverage off a similar scheme being developed by the Albanese government, with funding set aside for the state trial in Tuesday’s state budget.

The state will contribute an equity share up to 40 per cent for a new property or up to 30 per cent for an existing property under $950,000 in Sydney and other major regional centres. It will be available to 3000 teachers, nurses, police, single parents or older singles.

“We should be working together and that’s I think what this announcement does today, it looks at what the Commonwealth government is doing and it says okay, well how can we leverage off that? Let’s look at this for two years if this works, we’ll expand it,” Perrottet said.

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“One of the government’s priorities is to make homeownership a reality for more people across our state and allow people to live closer to where they want to work, live and raise a family.”

The federal Coalition campaigned against the Labor plan for a shared-equity scheme during the recent election, though Perrottet said he was optimistic they would “see the light”.

“I understand the federal Liberal Party opposed prime minister Albanese’s scheme, I think it makes sense,” he said.

“It’s a combination of things and what you’ll see in this budget is a suite of measures, providing equity support for first time buyers, providing stamp duty support.”