The Andrews Labor Government is helping to make home ownership more affordable for Aboriginal Victorians by extending its already successful HomesVic pilot.
Victorian Treasurer Tim Pallas today officially launched the HomesVic Aboriginal Victorians Shared Equity Program, which will help up to 40 Aboriginal Victorians get on the first rung of the property ladder.
Eligible applicants will need a deposit of at least 5 per cent, with the Government providing up to 35 per cent for properties valued up to $500,000 and a sliding scale shared equity contribution for properties valued above $500,000.
It will be a helping hand for low to middle income Victorians who are struggling to enter the property market.
So far, 150 properties have been purchased and settled through HomesVic pilot, which was launched in February last year. A further 160 homes have been conditionally approved – with places still available.
As with the HomesVic pilot, a broad range of metropolitan and regional areas are available to eligible Aboriginal Victorian applicants, including 85 Melbourne suburbs, 130 regional towns and suburbs, and seven peri-urban towns.
The Labor Government is working with Aboriginal Housing Victoria (AHV) to deliver the scheme, with AHV having a vital role to promote the scheme and assist Aboriginal Victorians with the application process.
Further information is available at homesvic.vic.gov.au.
Quotes attributable to Treasurer Tim Pallas
“Every Victorian family deserves the chance to realise their dream of home ownership and the Andrews Labor Government is helping make that dream a reality for Aboriginal Victorians.”
“We recognise the challenges first home buyers face to buy their own home and we’re taking action to help them take that vital first step.”
Quote attributable to Aboriginal Housing Victoria CEO Darren Smith
“By reducing the costs associated with servicing a home loan, HomesVic is reducing the barriers to home ownership that many Aboriginal Victorians face.”
Quote attributable to Aboriginal Housing Victoria Chair Tim Chatfield
“It is our long-held vision that Aboriginal Victorians secure appropriate, affordable housing as a pathway to better lives and stronger communities. Home ownership is an avenue to achieving this vision.”