More than 250 homes have been purchased since the launch of the HomesVic Shared Equity initiative for first home buyers two years ago.
Treasurer, Tim Pallas said the scheme allowed participants to purchase homes with a deposit of just five per cent.
“This is helping people, who far too often are being locked out of the housing market, buy a home,” Mr Pallas said.
“It’s an unfortunate reality that many people with good jobs and steady incomes still can’t save enough to get on that first rung of the housing ladder,” he said.
“The scheme is targeted at first home buyers on a low to moderate income and allows the Victorian Government to support the purchase by contributing up to 25 per cent of the purchase price.”
Mr Pallas said that when the properties were sold, participating buyers would pay off the Government’s share, which would then be reinvested in other homes.
“Eligible participants are provided with a broad range of metropolitan and regional options when searching for their first home, including 85 Melbourne suburbs, 130 regional areas and seven peri-urban towns,” he said.
Mr Pallas said approximately 40 shared equity properties were reserved for Aboriginal Victorians, who could receive a State contribution of up to 35 per cent of the property’s purchase price.
