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$vuetify.icons.faPhone1300 650 620

Victorian home buyers dreams a step closer

Media Release

Victorian home buyers dreams a step closer

Media Release
The expansion of the Victorian Government’s Homebuyer Fund, announced today, is set to see more than 3,000 Victorians achieve their goal of home ownership,” stated HIA’s Victorian Executive Director, Fiona Nield.

“The Victorian Government’s Homebuyer Fund, announced today, is set to see more than 3,000 Victorians achieve their goal of home ownership,” stated HIA’s Victorian Executive Director, Fiona Nield.

The Victorian Homebuyer Fund will assist eligible participants with a 5 per cent deposit step onto the home ownership ladder. The program is a shared equity program whereby the Government supports up to 25 per cent of the purchase price, in exchange for an equivalent share in the property.

 

“This assists home buyers address the most significant barrier to getting into home ownership, which is saving a deposit.

“We know that over 90 percent of renters aspire to home ownership but less than half believe they will achieve this goal.

“This new approach expands on a recent pilot program and will mean that thousands of Victorians are supported by the Government to achieve their goal of home ownership sooner.

“In combination with other first home buyer support available to Victorians, such as the First Home Owners Grant and other initiatives, this Fund should provide incentives for eligible home buyers to take this next step.

“It is also pleasing to see that this shared equity arrangement will not be limited to first home owners. There are many households that aspire to re-own a home after previously owning one. Until recently there was no support for this equally important group of home buyers and to have a second option become available for these Victorians is extremely welcome,” concluded Ms Nield.

For further information

Fiona Nield

Chief Executive - Business Services

Joe Shanahan

Manager, Communications & Media
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