• First Home Buyers Now Able to Express Interest in HomesVic

    2017-11-14

    First Home Buyers Now Able to Express Interest in HomesVic

    From Friday 10th November, first home buyers are able to express their interest in being a part of HomesVic — a shared equity scheme that will see the Government provide up to 25 per cent of the initial price of a buyer’s first home.

    Applications will officially open next February and the pilot scheme will begin in early 2018 – with an initial allocation of $50 million over two years.

    The pilot scheme will initially be available for up to 400 first home buyers who meet the eligibility criteria.
    Priority will be given to homes in areas where there is a high demand for housing and good access to employment, public transport and other services.

    Selected areas in metropolitan Melbourne and certain commuter towns and regional centres will be announced early next year, prior to applications opening.

    Eligibility will target applicants with incomes of up to $75,000 for singles, or up to $95,000 for couples or families. Buyers will need to have a 5 per cent deposit.

    When the properties are sold, participating buyers will pay the proportional interest, which the Government will reinvest back in the scheme.

    HomesVic is part of the Labor Government’s Homes for Victorians package announced earlier in the year, which also includes stamp duty cuts for first homebuyers.

    For more information about HomesVic visit https://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/homesvic.html