Published on 08 October 2021
The Victorian Government today announced the $500 million Victorian Homebuyer Fund to support more than 3,000 aspiring homeowners to purchase a residential property in eligible Victorian locations.
The Homebuyer Fund is a shared equity scheme in which the government makes a financial contribution to the purchase price, in exchange for a proportional interest, or share, in the property.
The State Revenue Office will administer the scheme and work with participating lenders to support people who wish to enquire or participate in the scheme.
Eligible homebuyers can start with a 5% deposit and receive a contribution of up to 25% towards the purchase price of their property. Eligible Aboriginal and Torres Strait Islander homebuyers can receive support for a 3.5% deposit and receive a contribution of up to 35%.
Some of the eligibility criteria requires that participants must:
- be an Australian citizen or permanent resident,
- be at least 18 years of age,
- have saved the required minimum deposit and earn $125,000 or less per annum for individuals, or $200,000 or less per annum for joint applicants, and
- intend to live in the property as a principal place of residence.
Go to the Homebuyer Fund webpage for eligibility criteria, how to apply, participating lenders, case studies that illustrate how the scheme works over time, eligible locations, FAQs and much more.