How many places are available? The $1.6 billion Homebuyer Fund will, over time, help up to 10,000 households own their own homes.
The Victorian Homebuyer Fund is a shared equity scheme, where the Victorian Government makes a financial contribution to the purchase of a home in exchange for a share in the property. 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.
It can be hard for many Victorians to save enough for a house deposit. That’s why the Victorian Government has launched its shared equity scheme which aims to accelerate the path to home ownership.
You can only access this opportunity from three banks, one of which is Bendigo Bank. The other is CBA and Bank Australia.
If you have a 5% deposit, the Victorian Government will contribute up to 25% of the purchase price for eligible participants and 35% for Aboriginal and Torres Strait Islanders in exchange for an equivalent share in the property, whilst removing the need for Lenders Mortgage Insurance.
We’re proud to be a participating lender and look forward to helping even more Victorians into home ownership.
Participants will need to contribute a minimum of 5% of the purchase price, as well as any acquisition costs, such as stamp duty and conveyancing costs. The remaining amount is to be secured through a home loan from a partner lender. Victorian Homebuyer Fund participants must repay the Victorian Government’s share in the property over time through refinancing, using accumulated savings, or upon sale of the property.
To be eligible, be an Australian citizen or permanent resident, at least 18 years old;
be able to pay for all costs associated with purchasing your home such as conveyancing, legal costs, building inspections and stamp duty (if applicable);
be able to demonstrate your ability to save over time, with a minimum deposit of 5% for general applicants or 3.5% for Aboriginal or Torres Strait Islander applicants;
be able to confirm that you will be the registered owner of the property and grant the scheme mortgage on the acquisition date;
be able to confirm that the property will be your principal place of residence;
must not have an interest in all or any part of a property (including land);
meet income (single buyers up to $128,000, or household* up to $204,800 per year)(*up to four participants may apply);
meet property and location eligibility requirements.
be an Australian citizen or permanent resident, at least 18 years old;
be able to pay for all costs associated with purchasing your home such as conveyancing, legal costs, building inspections and stamp duty (if applicable);
be able to demonstrate your ability to save over time, with a minimum deposit of 5% for general applicants or 3.5% for Aboriginal or Torres Strait Islander applicants;
be able to confirm that you will be the registered owner of the property and grant the scheme mortgage on the acquisition date;
be able to confirm that the property will be your principal place of residence;
must not have an interest in all or any part of a property (including land);
meet income (single buyers up to $128,000, or household* up to $204,800 per year)(*up to four participants may apply);
meet property and location eligibility requirements.be an Australian citizen or permanent resident, at least 18 years old;
be able to pay for all costs associated with purchasing your home such as conveyancing, legal costs, building inspections and stamp duty (if applicable);
be able to demonstrate your ability to save over time, with a minimum deposit of 5% for general applicants or 3.5% for Aboriginal or Torres Strait Islander applicants;
be able to confirm that you will be the registered owner of the property and grant the scheme mortgage on the acquisition date;
be able to confirm that the property will be your principal place of residence;
must not have an interest in all or any part of a property (including land);
meet income (single buyers up to $128,000, or household* up to $204,800 per year)(*up to four participants may apply);
meet property and location eligibility requirements.
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