If home ownership has always been just out of reach for you, the Victorian Homebuyer fund could be of assistance.
The Victorian Government acknowledges that increasing house prices have made it difficult for Victorians to save for a deposit and get into the market. To help purchase a home, the State Government have created a Homebuyer’s fund where $500 million has been set aside to help 3000 Victorians own their own home.
To help purchase a home, the Victorian Government can make a financial contribution to the purchase price of the home in exchange for an equivalent share in the property. For example, if you have saved a 5% deposit, the Victorian Government will provide a contribution of up to 25%. That means that you will only need to apply for a mortgage equal to the remaining percentage left in the value of the home, in this case, 70% of the value. To be eligible for the funding you must:
- be an Australian Citizen or Permanent Resident
- 18 years of age or older
- have a deposit of at least 5% for general applicants
- have a deposit of at least 3.5% for Aboriginal or Torres Strait Islander applicants
- have a gross annual income of up to $125,000 for a single applicant or up to $200,000 per annum for a couple or household (up to 4 applicants can apply)
- not own an interest in a property, either separately or jointly with someone else at the time of purchase
Property prices are capped as follows:
- Greater Melbourne and Geelong up to $950,000
- Selected locations in Regional Victoria up to $600,000
For a list of eligible location across Victoria visit this webpage.
If you do purchase a home through the Victorian Homebuyer Fund, you will still need to cover expenses such as stamp duty and conveyancer costs. The Government does not receive interest on its investment but will share in any capital gains or losses proportionate to its share in the property.
Provisionally approved applicants will have a letter of support signed by the Commissioner of State Revenue explaining their place in the funding scheme that can be provided to vendors and agents.
For more general information on this funding, visit the website for details and application form. To see who the approved lenders are, visit the Applying for the Homebuyer Fund page.
Whether you are a first home buyer or an investor, Chamberlain Property Advocates can help you with every step of the buying process. It pays to have an advocate in your corner. Ask us how we can help.
We do offer our negotiate service for those buyers in the market looking to pounce on opportunities that arise. Get in touch if you’d like to know more.
Ask about our Home Buyer Search and Acquisition Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
