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The Victorian Homebuyer Fund has the potential to open the property ownership door for people who may have thought owning their own home was always just out of reach.
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From 1 June 2024, The Victorian Government has allocated an additional $700 million to the Victorian Homebuyer Fund and we’re a participating partner.
With rising property prices throughout Victoria, the State Government is stepping in to help Victorians who have the right income but are finding it difficult to scrape a deposit together.
To help you purchase a home, the Victorian Government will use the Victorian Homebuyer scheme to make a financial contribution to the purchase price in exchange for an equivalent share in the property. For example, if you have a 5%* deposit together, the Victorian Government will provide a contribution of up to 25%. That means that you’ll only apply for a mortgage equal to 70% of the value. Aboriginal and Torres Strait Islander participants only require a 3.5% deposit and are eligible for a 35% shared equity contribution.
This means you can avoid paying Lenders Mortgage Insurance, which can often be quite a cost to home buyers.
The government does not receive interest on its investment but will share in any capital gains or losses proportionate to its share in the property.
To qualify for the scheme, you’ll need to meet the list of Victorian Homebuyer Fund criteria below:
Purchasing a property in
Be purchasing
If you do purchase a home through the Victorian Homebuyer Fund, you will still need to cover expenses such as stamp duty and conveyancer costs.
Find out more about the eligibility criteria and eligible suburbs on the Victorian Homebuyer Fund website.
Check out the Victorian Homebuyer Fund fact sheet
When you’re ready, all Victorian Homebuyer Fund customers will have the option to buy out the Government’s interest in the property. You can do this by refinancing, using your accumulated savings or when you sell the property.
*Stamp duty and other costs payable. Terms and conditions, eligibility and lending criteria apply. Restrictions and obligations imposed after purchase.
Applicants must not enter into a contract of sale to purchase a property prior to receiving pre-approval for a loan from Bank Australia and provisional approval from the State Revenue Office to participate in the Victorian Homebuyer Fund.
Loan applications are subject to Bank Australia credit assessments and approvals. Terms and conditions applicable to your home loan will be included in your loan documentation from Bank Australia.
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Learn how Nishad and Swarna bought a new home with the Victorian Homebuyer Fund.
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