21st December 2021 | Grants
The Homebuyer fund is now available for eligible Victorians. The State Government introduced the $500 million fund in July as an extension of the HomesVic Shared Equity Initiative.
If you’re looking to buy a home you might only need to have a 5% deposit. But before you decide to apply for the scheme there are a few things you need to look at.
- Check if you’re eligible
- Make sure you understand the requirements for this scheme and ongoing obligations
- Refinancing proposition
- Loss of profit if sold
Eligible homebuyers receive a contribution of up to 25 per cent towards the purchase price, or up to 35 per cent for eligible Aboriginal and Torres Strait Islander homebuyers.
The homebuyer can avoid paying Lenders Mortgage Insurance. The Victorian homebuyer fund is a shared scheme which means you may lose part of your gains in the property’s value to the State Government.
Who is eligible?
You must be over 18 years of age.
You must be an Australian or New Zealand citizen or a permanent Australian resident.
Have a minimum savings of 5% deposit.
Earn less than $125,000 per annum. Or a max of $200,000 for joint applicants.
The property will be your principal place of residence.
Be within the location outlined.
You can find the full eligibility criteria and location here
How to apply?
Once you have met all the criteria and chosen your location, have your identity, bank statements and payslips ready. Your lender will lodge the application for you upon the homeloan approval.
Who can I speak to about my home loan?
Get in touch with us at Ax3. We have all the experts on our team to make everything streamlined for you.
Call 03 9995 7261 or email info@Ax3.com.au
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