You may be eligible to receive a contribution of up to 25% of the purchase price of your home.
Eligible homebuyers can now receive a contribution of up to 25% towards the purchase price of their property, reducing their minimum required deposit to 5% and avoiding the need to pay Lenders Mortgage Insurance.
For eligible Aboriginal or Torres Strait Islander homebuyers, this contribution is up to 35% and the minimum required deposit is 3.5%.
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 interest 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.