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Victorian Homebuyer Fund

The Victorian Homebuyer Fund has the potential to open the property ownership door for people who may have thought owning their own home was always just out of reach.

What is the Victorian Homebuyer Fund?

The Victorian Government has launched the $500 million Victorian Homebuyer Fund and we’re a participating partner.

With rising property prices throughout Victoria, the State Government is stepping in to help Victorians who have the right income but are finding it difficult to scrape a deposit together. With the Fund, you’ll be able to purchase a home in most areas of Metropolitan Melbourne, all the way from Hoppers Crossing in the west, up to Wallan in the north, Kilsyth in the east and Blairgowrie down on the Mornington Peninsula. If you’re looking in Regional Victoria, there are options that stretch from Portland in Western Victoria to Bairnsdale in Eastern Victoria.

To help you purchase a home, the Victorian Government will use the Victorian Homebuyer Fund to make a financial contribution to the purchase price in exchange for an equivalent share in the property. For example, if you have a 5%* deposit together, the Victorian Government will provide a contribution of up to 25%. That means that you’ll only apply for a mortgage equal to 70% of the value.

This means you can avoid paying Lenders Mortgage Insurance, which can often be quite a cost to home buyers.

The Government does not receive interest on its investment but will share in any capital gains or losses proportionate to its share in the property.

Who it's for

To qualify for the scheme, you’ll need to meet the list of eligibility criteria below:

  • Be an Australian Citizen or Permanent Resident
  • 18 years of age or older
  • Have a deposit of at least 5%* for general applicants
  • Have a deposit of at least 3.5% for Aboriginal or Torres Strait Islander applicants
  • Have a gross annual income of up to $125,000 for a single applicant or up to $200,000 per annum for a couple or household (up to 4 applicants can apply)
  • Not own an interest in a property, either separately or jointly with someone else at the time of purchase
Purchasing a property in
  • Greater Melbourne and Geelong up to $950,000
  • Selected locations in Regional Victoria up to $600,000
Be purchasing
  • an existing house, townhouse, unit or apartment or
  • a newly built property

If you do purchase a home through the Victorian Homebuyer Fund, you will still need to cover expenses such as stamp duty and conveyancer costs.

Find out more about the eligibility criteria and eligible suburbs on the Victorian Homebuyer Fund website.

Check out the Victorian Homebuyer Fund fact sheet


" I am very relieved I made the decision to work with BA for our mortgage.  I also really value the ethical aspect of the bank"
Fran from VIC
Calculate your borrowing power, work out your repayments and how much you might need to pay for stamp duty

How do I buy out the Government when I have enough to cover their contribution?

When you’re ready, all Victorian Homebuyer Fund customers will have the option to buy out the Government’s interest in the property. You can do this by refinancing, using your accumulated savings or when you sell the property.

Things you need to know

*Stamp duty and other costs payable. Terms and conditions, eligibility and lending criteria apply. Restrictions and obligations imposed after purchase.

Applicants must not enter into a contract of sale to purchase a property prior to receiving pre-approval for a loan from Bank Australia and provisional approval from the State Revenue Office to participate in the Victorian Homebuyer Fund.

Loan applications are subject to Bank Australia credit assessments and approvals. Terms and conditions applicable to your home loan will be included in your loan documentation from Bank Australia.

Own your own home with the Victorian Homebuyer Fund

The Victorian Homebuyer Fund is designed to help eligible homebuyers who might otherwise be priced out of the housing market. Sound exciting? It kind of is. Live in Victoria? This one’s for you.

Read more

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