PURCHASING A PROPERTY
Eligible homebuyers can now receive a contribution of up to 25% towards the purchase price of their property, reducing their minimum required deposit to 5% and avoiding the need to pay Lenders Mortgage Insurance.
For eligible Aboriginal or Torres Strait Islander homebuyers, this contribution is up to 35% and the minimum required deposit is 3.5%.
The Homebuyer Fund is a shared equity scheme, meaning that the financial contribution from the Homebuyer Fund to the purchase price is made in exchange for a proportional interest (a share) in the property.
As the value of the property changes, so too will the value of the Homebuyer Fund’s interest in the property. This means the Homebuyer Fund will share in any capital gains proportionate to its interest in the property.
Participants can repay the Homebuyer Fund’s interest in their property over time, including through refinancing, using savings, and must do so when the property is sold and in other circumstances.
There are several factors that will determine your eligibility to participate in the Homebuyer Fund. These include:
- Your citizenship status
- How much deposit you have
- Your income
- The property location
- If the property is owner-occupied or an investment
- If you already own any property or land
Use the State Revenue Office eligibility checker to determine if you may be eligible.
This tool can help you check if you could be eligible for the Victorian Homebuyer Fund. It provides general guidance in line with the eligibility criteria and does not constitute a determination of eligibility.
The best way to get confirmation of your eligibility is to speak with us.