The State Government has announced the Victorian Homebuyer Fund which enables many people to be able to purchase a home in most areas of Metropolitan Melbourne, as well as in many areas of Regional Victoria. You can view the full list of eligible locations here.
To help you purchase a home in the eligible areas, the Victorian Government shall use the Victorian Homebuyer Fund to make a financial contribution to the purchase price in exchange for an equivalent share in the property. For example, if you have a 5% deposit*, the Victorian Government shall provide a contribution of up to 25%.
For eligible Aboriginal or Torres Strait Islander homebuyers, this contribution is up to 35% and the minimum required deposit is 3.5%.
Accordingly you shall only apply for a mortgage equal to 70% of the value.
For full details please see the State Revenue Office’s webpage for all the information.
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