How do I apply?

Applications opened at 9:00am on Monday 19 February 2018.

Key steps for applicants in the HomesVic scheme:

Step 1 – Apply to a panel financier for conditional approval for a loan

Step 1A – Expression of Interest

The first step in the application process is to complete and submit an Expression of Interest to your choice of panel financier (that is, either Bank Australia or Bendigo Bank). This can be done online on the website of your choice of panel financier. You will receive immediate receipt of submitting an Expression Of Interest indicating that the panel financier has successfully received it. All Expressions of Interest will be date and time stamped when submitted to the panel financier.

If you are interested in participating in HomesVic it is strongly recommended that you complete and submit an Expression of Interest as quickly as you can now that applications are open. Given the scheme is a pilot, there are only limited places available and allocations will be made on a first come first served basis.

It is important to note that in the event of strong demand, panel financiers may stop taking Expressions Of Interest at different times. This will be advised directly by the panel financier through its website. If your chosen panel financier stops taking Expressions of Interest, you may like to consider applying through the other panel financier.

In the unlikely event that the website of your preferred panel financier becomes unavailable, you may like to consider applying through the website of the other panel financier.

Step 1B – Loan Application and HomesVic Application Form

Once you have submitted your Expression of Interest, you will need to complete a home loan application with your choice of panel financier and complete, sign and submit a HomesVic Application form to that financier. You are not permitted to submit a home loan application form prior to submitting the Expression of Interest form.

Once the panel financier has undertaken its assessment of serviceability for your potential home loan, the panel financier will forward the application to the HomesVic team.

The Expression of Interest and HomesVic application forms can be accessed and submitted on the website of your choice of panel financier now that applications are open. The website address for:

Samples of the Expression of Interest and HomesVic application forms can be viewed below. However, it is important to note that you cannot fill out or submit the Expression of Interest or HomesVic application forms on the HomesVic website. It must be done on the website of your choice of panel financier.

HomesVic - Sample Expression of Interest HomesVic - Sample Expression of InterestPDF (268.03 KB)

HomesVic - Sample Program Application Form HomesVic - Sample Program Application FormPDF (195.16 KB) Step 2 – HomesVic approval and allocation

The HomesVic team will assess the application and advise you of the outcome of your application via letter.  If approved, the letter will identify the designated dwelling type and priority area in which you may seek to buy with the support of HomesVic.

The HomesVic team will also inform your chosen panel financier as to the outcome of your application.

Step 3 – HomesVic information session

Before buying a property, you are required to attend an information session with the HomesVic team. This information session is intended to provide an overview of the Program to increase your understanding of your roles, rights and obligations. It will also provide you with a forum to ask any questions that you may have and listen to the questions that other applicants may have.

Step 4 – Find a property to buy

With approval from the panel financier for the loan, eligible applicants may look for properties within their allocation (as defined by the designated dwelling type and priority area as per the letter referred in step 2 above).

Before entering into a contract of sale, the participant will need to negotiate with the vendor’s real estate agent the provision of a 5% deposit on entering into a contract of sale to purchase the dwelling. The participant will have a letter indicating their allocation within the scheme, which will help with this. If the vendor does not accept a 5% deposit, the participant will need to contact the HomesVic team.

Step 5 – Purchase the property

Within approval limits from the panel financier and the Government, the participant will, upon purchase of a property, need to pay the deposit at the time of entering into the contract of sale to purchase that property.

The participant will need to let both the panel financier and the HomesVic team know they have made the purchase, so that preparations for settlement can be made. In particular, within five business days the participant will need to provide a copy of the executed contract of sale to the panel financier. Within the same timeframe, the participant will also need to sign and return the Participation Agreement and the Program Mortgage to the HomesVic team.