13/10/2021
Something to explore with us when you consider buying your first home.
Most first home buyers can't just rely on the bank of Mum and Dad for help.
And if you're a young buyer without a giant income, affording a home can feel impossible.
Because as house prices soar, so does the amount of money you need saved up for a deposit.
And inevitably, big things like starting a family, getting married, or changing jobs get put off.
Which is why we're doing this - to get more people into their own home sooner;
The Victorian Homebuyer Fund will allow home buyers to receive up to a 25% equity contribution from the Victorian Government, with a just 5% deposit.
That means, we will cover the remainder of your deposit, so you can buy a home sooner with a smaller amount.
Buyers will avoid the cost of Lenders Mortgage Insurance, and won't have to pay interest on the Government's contribution either.
It's open to people over 18 who don't currently own a property – and it'll mean those with a secure income can purchase a family home they couldn't afford a deposit for before.
Everyone knows property prices have risen sharply - but it's the deposit which is often the biggest hurdle.
Hopefully this makes that a little bit easier, and gets young Victorian's into their own homes sooner.
Because there's no place like home – and every Victorian deserves a place of their own.
