Andrews Government lending helping hand to first-home buyers
VICTORIAN first-home buyers struggling to get onto the property ladder are invited to take part in the State Government’s HomesVic shared equity scheme.
VICTORIAN first-home buyers struggling to get on to the property ladder are invited to take part in the State Government’s HomesVic shared equity scheme.
From today, first-timers can express interest in being involved in the shared equity scheme that will see the Government provide up to 25 per cent of the initial price of a buyer’s first home.
Premier Daniel Andrews said HomesVic was about making renting fair, slashing stamp duty and giving those struggling to save for their first home a helping hand.
“This will make a real difference — helping people get into their first home sooner,” he said.
“Everyone deserves a safe, secure and affordable home, whether you’re renting or looking for your first house — that’s what we’re delivering.”
Applications will officially open in February, and the pilot scheme will begin in early 2018, with an initial allocation of $50 million over two years.
The pilot scheme is expected to help up to 400 first-home buyers.
Eligibility will target first-timers earning up to $75,000 for singles or up to $95,000 for couples and families, with a 5 per cent deposit.
Priority will be given to homes in areas where there is high demand for housing, as well as good access to employment, public transport and other services.
Selected areas in Melbourne, as well as certain commuter towns and regional centres will be announced in the new year.
To express interest in the shared equity scheme, visit HomesVic.
Originally published as Andrews Government lending helping hand to first-home buyers