![]() ![]() All information provided to participating lenders and referred for the purposes of scheme participation will be managed in accordance with both the State Revenue Office’s privacy policy and the Department of Treasury and Finance’s privacy statement. ![]() The State Revenue Office administers the Victorian Homebuyer Fund. Read answers to frequently asked questions about the Homebuyer Fund requirements and ongoing obligations.Īfter checking your eligibility (via our eligibility tool) you should gather the required documentation to apply for a home loan, such as payslips, bank statements and tax returns, and speak to a participating lender. View your ongoing obligations How to applyīefore applying for the Victorian Homebuyer Fund, you should check your eligibility and the list of eligible locations where you can purchase a property. If approved for the Victorian Homebuyer Fund, there are a range of ongoing obligations you are required to fulfil. The property must also be vacant when purchased or, if under a lease, the lease must expire within 12 months of the acquisition date and any tenants must vacate the property. This means off-the-plan property purchases are not eligible. The purchase can be for an existing or new property provided that a certificate of occupancy has been issued prior to the date of the contract of sale. The maximum purchase price must be $950,000 or less in Metropolitan Melbourne and Geelong, or $600,000 or less in regional Victoria. The property must be a standard residential property such as a house, townhouse, unit or apartment (vacant land is not eligible). Participants can purchase an eligible property in any location in Victoria. Eligible participants must become registered owners of the property they buy. ![]() You must meet all of the above eligibility requirements. have an approved loan from a participating lender and have sufficient funds to pay all acquisition costs associated with the purchase.not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas.not own an interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust).not purchase your property from a vendor who is a related person.be a natural person (that is, not an organisation, company, trust or other body or entity).occupy the purchased property as your principal place of residence.earn $128,000 or less per annum for individuals, or $204,800 or less per annum for joint applicants.have saved the required minimum deposit (at least 5% or 3.5% for Aboriginal and Torres Strait Islander participants) of your property price.be at least 18 years of age at settlement.be an Australian or New Zealand citizen, or permanent Australian resident.To be eligible to participate in the Victorian Homebuyer Fund, you need to: Who is eligible for the Victorian Homebuyer Fund? Our business hours are 8.30am-5pm (AEST), Monday to Friday, excluding public holidays. Want to speak with us about the Victorian Homebuyer Fund? Contact us on (03) 7020 1549. The Victorian Government does not charge interest on its investment in participants’ homes, but shares in any capital gains or losses proportionate to its share in the property. Participants are required to buy back the government’s share in their property over time through refinancing, using savings, or upon sale of the property. This will save you money by reducing your mortgage and removing the need for Lenders Mortgage Insurance.Īboriginal and Torres Strait Islander participants only require a 3.5% deposit and are eligible for a 35% shared equity contribution. If you have a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property. ![]() The Victorian Homebuyer Fund is a shared equity scheme, making it easier for Victorians to enter home ownership. ![]()
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