A new pilot program helping Victorians get into their first home took a significant step today, with a range of metropolitan and regional destinations identified as priority locations.
Victoria’s Acting Treasurer Robin Scott announced that through the HomesVic program the Labor government will provide up to 25% of the purchase price of a dwelling for eligible, low-income first home buyers.
The shared equity scheme will help these first home buyers enter the market earlier by reducing the amount of money they need for their deposit and home loan.
The list of locations includes areas across Victoria – 85 Melbourne suburbs, 130 regional towns and suburbs, and seven peri-urban towns – providing participants with a range of options when searching for their first home.
The locations have been chosen in areas where there is a high demand for housing and good access to employment, public transport and other services.
Applications will officially open in the coming weeks – backed by initial funding of $50 million – and the pilot will be available for up to 400 first home buyers who meet the eligibility criteria.
HomesVic is part of the Labor Government’s Homes for Victorians package. Since the package’s launch in 2017, more than 12,000 first home buyers have benefited from significant stamp duty cuts.
In addition, a doubling of the First Home Owner Grant in regional Victoria has seen more than three times the number of property buyers receive the grant, compared to the same time last year.
Those interested in participating in the HomesVic scheme can register their interest at homesvic.vic.gov.au to receive an alert when applications open.
Victorian Treasurer Scott said, “We’re delivering a range of housing affordability measures to help make the dream of home ownership a reality for thousands of Victorians.”
“There has already been significant interest shown in the HomesVic scheme, which will help Victorians take that all-important step on to the first rung of home ownership.”