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 piloting a shared equity scheme to help low to medium income-earning Victorians buy their first home.

Under the scheme, 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. 

The pilot scheme was launched on 12 February 2018 and applications opened on Monday 19 February 2018. We are receiving a very positive response to the HomesVic scheme. The Government has already provided provisional approvals for almost 250 first home buyers to participate in the pilot. Allocations for Werribee houses are fully subscribed and some of the dwelling types in a number of priority areas are close to being full, as per the tables in the Preferred Locations tile.

If you are interested in participating in HomesVic it is strongly recommended that you apply as quickly as you can. Given the scheme is a pilot, there are only limited places available and allocations will be made on a first come first served basis.

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.