A new scheme from the Victorian government to help the First Home Buyers was launched in February 2018.

The new scheme, called HomeVic, will assist up to 400 eligible First Home Buyers by taking a proportional interest of up to 25% in the property in one of the 33 “priority areas”.  The property could be houses, townhouses or apartments except for Box Hill, Fisherman’s Bend or Parkville where only Townhouses and Apartments are eligible.

The main eligible criteria for the applicants are:

  • Australian citizen/resident who are 18 years or older that have been reside in Australia in the past 2 years
  • Not related or associated to the vendor;
  • Gross Taxable Income no more than $75,000 for an individual and $95,000 for a couple or family;
  • Buying the property as principal place of residence and have never owned a residential property in whole or in part (the same applies to the spouse);
  • Has a minimum of 5% deposit through genuine savings, on top of other transactional costs such as legal fees, stamp duty (if any), etc;
  • Finance will need to be secure from an approved panel financial institutions;
  • Must not have an existing loan or debt (apart from HECS or HELP), including credit card limits, of more than $10,000.

There are many other eligibility requirements and subsequent conditions that the applicant will need to comply to in order to stay with the scheme.  Further details of the scheme can be found in the official website https://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/homesvic.html

Anyone who is interested in the scheme can register their interest via the official website and they will be notified by HomesVic once the scheme is open for applications.