The Andrews Labor Government is providing a vital helping hand to first home buyers struggling to enter the property market, with more than 250 properties purchased since the launch of the HomesVic shared equity scheme.
Treasurer Tim Pallas today highlighted the success of the scheme, which allows participants to purchase homes with a smaller deposit of at least five per cent.
More than 250 properties have been purchased so far, with another 40 people currently looking to buy through the program.
The scheme is targeted at first home buyers on a low to moderate income and allows the Victorian Government to support the purchase by contributing up to 25 per cent of the purchase price.
When the properties are sold, participating buyers will pay off the Government’s share, which is then reinvested in other homes.
Eligible participants are provided with a broad range of metropolitan and regional options when searching for their first home, including 85 Melbourne suburbs, 130 regional areas and seven peri-urban towns.
Approximately 40 shared equity properties have been reserved for Aboriginal Victorians, who can receive a state contribution of up to 35 per cent of the property’s purchase price.
Quotes attributable to Treasurer Tim Pallas
“This is helping people, who far too often are being locked out of the housing market, buy a home.”
“It’s an unfortunate reality that many people with good jobs and steady incomes still can’t save enough to get on that first rung of the housing ladder – HomesVic is changing all that.”
“Whether it’s through HomesVic or our slashing of stamp duty for people buying their first home, we are seeing more and more Victorians realise their dream of home ownership.”
Reviewed 26 June 2020