Helping Victorians buy their first home

It can be hard for many renters to save enough for a house deposit. 

It’s why the Victorian Government is launching a pilot shared equity scheme to help low to medium income-earning Victorians buy their first home.

Under the scheme, the Government will assist up to 400 first home buyers who meet the eligibility criteria to enter the market earlier by reducing the amount of money required for their home loan.

The Government will give these first home buyers the start they need. 

The pilot scheme is set to be launched in January 2018. 

HomesVic will take a proportional interest of up to 25 per cent in the property, and 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 in other homes.

Please check back from time to time as the HomesVic shared equity scheme may be refined and updated, and further details provided. You should not take any action (other than expressing your interest in the scheme) based on the information in this website.

Expression of Interest

Prior to the launch of the scheme, you should assess your situation against the eligibility criteria. 

Express your interest in the scheme  which will also enable HomesVic to notify you once the scheme has opened for applications.


Eligibility Criteria

Funding will be available for up to 400 first home buyers who meet the pilot scheme’s eligibility criteria. 

In addition to the criteria below, there are also criteria relating to financing requirements .

Even if you meet all of the eligibility criteria your application to participate in HomesVic may not be successful.

To be eligible, applicants must: 


  • be an Australian citizen or have permanent-resident status
  • have been residing in Victoria for the past two years
  • be aged 18 years or older
  • be a ‘natural person’ (that is, not an organisation, company, trust, or other body)
  • not be related to, or associated with, the vendor of the property being purchased

Maximum income

  • have gross taxable income (including salary sacrifice) of no more than $75,000 per annum for an individual; or
  • have gross taxable income (including salary sacrifice) of no more than $95,000 for multiple person households. 

In all cases, the gross taxable income is calculated on the basis of incomes from all people 18 years and older intending to live in the dwelling being purchased.

First home buyers

  • be acquiring the dwelling as their primary place of residence 
  • not currently own, or have previously owned (and not have a spouse or domestic partner who currently owns, or has previously owned) a residential property, in whole or in part

Property type

The property must be:

  • a standard residential property (e.g. a house, townhouse, unit or apartment), and 
  • either an existing home or a new home construction for which completion is planned to occur within three months of settlement

Scheme term

The Government’s shared equity interest will need to be purchased by the end of either:

  1. the expiration or repayment of the household’s home loan (which will be provided by a panel financier from the HomesVic Panel of Financial Institutions); or 
  2. the end of 30 years from the date of settlement, whichever occurs first. 

Other changes in the household’s circumstances may also trigger a requirement to buy the Government’s proportional interest at an earlier point in time.  

Arranging Finance

To participate in the scheme, the applicant must secure a home loan from a panel financial institution. As a first step, the applicant must secure in-principle or conditional loan approval.  The Government will not assess the application before this has occurred.  

Panel Financial Institutions

A list of panel financial institutions will be provided here in January 2018, before the launch of the scheme.  

The following additional financial requirements apply: 


  • The applicant(s) must have a deposit of at least 5 per cent accumulated through genuine savings, which is to be contributed towards the purchase price of the property
  • The deposit must not be used for other ordinary transaction costs  such as conveyancing, legal costs, building inspections, or stamp duty (if applicable) - these additional costs must be met by the applicant in addition to the 5 per cent deposit required.  Acquisitions costs are not to be financed through the home loan

Bank loan requirements

  • The maximum loan duration is 30 years 
  • The home loan may be either variable or a fixed-rate of interest
  • The home loan must include principal and interest repayments (interest-only home loans and lines of credit are excluded) and be fully amortised over the loan term
  • The home loan must be a new loan (renewals and refinancing are excluded)
  • The home loan must have either an offset or a redraw feature
  • The amount of the principal and interest loan repayments at commencement of the home loan must not exceed 37 per cent of the total taxable income of the applicant(s) 

Other loans

The applicant(s) must not have existing loans or debts (other than HECS or HELP) in excess of $10,000.