13th October 2021 | Grants
The Homebuyers Fund was open yesterday for eligible homebuyers who were seeking 25% support for their next property purchase. The Fund was open to the first 3000 applicants. Meaning eligible Homebuyers only needed to have a small 5% deposit for their new home and could save costs on paying Lenders mortgage insurance.
For eligible Aboriginal or Torres Strait islander homebuyers, this contributes is up to 35% and the minimum required deposit is 3.5%. Check out more info on the Homebuyers Fund.
The Victorian Homebuyer Fund is a shared equity scheme, meaning that the State’s financial contribution is made in exchange for a share, or proportional interests in the property.
As the value of the property changes, so too will the value of the state’s share or interest in the property. This means the homebuyer Fund will share in any gains in your property’s value.
Participants can repay the Homebuyer Fund’s share or interest in their property over time. Repayments can be made by refinancing, using savings, and from proceeds when the property is sold.
The eligible criteria are;
- Be an Australian citizen or permanent resident and be at least 18 years of age at settlement.
- Have saved the required minimum deposit (at least 5% or 3.5% depending on your circumstances) of your property price.
- Earn $125,000 or less per annum for individuals or $200,000 or less per annum for joint applicants. This refers to your gross annual income.
- Occupy the purchased property as your principal place of residence.
- Be a natural person (that is, not an organisation, company, trust or other body or entity).
- Not purchase your property from a vendor who is a related person.
- Not own an interest in any land at the time of purchase (including as a trustee of a trust or beneficiary under a trust).
- Not be acting as trustee of a trust.
- Not be a shareholder in any corporation (other than a public company) that owns any land.
You can find the full list of criteria’s and eligible locations here at Homebuyers Fund.
Applications for the Homebuyer’s Fund is now closed. However, you can seek more information and assistance with your chosen provider lender.
Or call us on 03 9995 7261 to speak to one of our team members at Ax3.