Victoria’s Homebuyer Fund Eases Property Ownership for Victorians – Money Advice Experts in Services

Victoria’s Homebuyer Fund, a shared equity scheme, assists Victorians in achieving home ownership. Participants with a 5% deposit can receive up to 25% contribution from the government towards the property purchase price. This reduces mortgage costs and eliminates the need for Lenders Mortgage Insurance. Aboriginal and Torres Strait Islander individuals need only a 3.5% deposit and are eligible for a 35% shared equity contribution.

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Participants are obligated to repurchase the government’s share over time through refinancing, savings, or upon property sale. The government does not charge interest on its investment but shares in any capital gains or losses proportionate to its share in the property.

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To qualify for the Homebuyer Fund, individuals must be Australian or New Zealand citizens, permanent Australian residents, at least 18 years old at settlement, have saved the required deposit, meet income thresholds, and occupy the purchased property as their primary residence. They must not own other properties or land interests and must have an approved loan from a participating lender.

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Eligible properties in any location in Victoria must be residential and meet specific price caps. The maximum purchase price is $950,000 in metropolitan areas and $700,000 in regional Victoria. Stratum title properties are ineligible, and off-the-plan purchases do not qualify for the scheme.

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Participants must fulfill ongoing obligations if approved for the fund. Required documentation includes payslips, bank statements, and tax returns. The State Revenue Office manages the scheme, ensuring privacy compliance.

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In addition to the Homebuyer Fund, applicants may qualify for other grants, exemptions, or concessions. The fund’s short-term extension provides further opportunities for Victorians to enter the property market and achieve homeownership.

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For further information or to discuss eligibility, individuals can contact the State Revenue Office during business hours. The Homebuyer Fund not only facilitates property ownership but also contributes to housing affordability and accessibility for diverse groups within the community.

As housing affordability remains a pressing issue in Australia, shared equity schemes like the Victorian Homebuyer Fund play a crucial role in assisting individuals in purchasing their first homes. By offering financial support and reducing entry barriers, these initiatives help address the challenges faced by many aspiring homeowners.

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