HomesVic

Helping Victorians buy their first home

Update on the HomesVic pilot

Applications for the HomesVic shared equity pilot opened in mid-February 2018, attracted a great deal of interest from aspiring first home buyers.

The pilot has just reached a major milestone with the first 50 contracts of sale having been entered into by applicants who received in-principle loan approval from a panel financier and provisional approval from the Government.

There are still places available for interested first home buyers. However, it is strongly recommended you submit your application quickly to secure one of the limited places available, with Allocations made on a first come, first served basis.

Allocations for Werribee houses are fully subscribed and some of the dwelling types in a number of priority areas are close to being full. A complete list of eligible locations is available.

There has been an amendment to the list of suburbs included in the Bendigo Priority Area, with Strathdale added.

Overview

Under the HomesVic pilot, the Government is assisting 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 is giving these first home buyers the start they need. 

HomesVic will take a proportional beneficial interest of up to 25% in the property (properties must meet the Classification of Standard Residential Property Dwelling Types, 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 contribute at least 5% of the acquisition price from genuine savings and be able to cover all acquisition costs in addition to that contribution to the acquisition price.

When the properties are sold, participants will pay the proportional beneficial interest, which the Government will reinvest in other homes.

Please check back from time to time as updates on the HomesVic shared equity scheme will be provided.

We will provide regular updates here on our website on those priority areas experiencing particularly high volumes of interest.

For more information you may call HomesVic on 1800 290 780 between 9:00am and 5:00pm (AEST) Monday to Friday.