Bank Australia is helping Victorian first home buyers as an approved lender for the Victorian Government’s HomesVic shared equity scheme.
The HomesVic scheme is helping to share the upfront costs of purchasing a home by taking up to 25% of a proportional interest in the property. A home buyer contributes a minimum 5% deposit and Bank Australia can provide the remainder of the purchase cost via a home loan. HomesVic will maintain its proportional interest in the property and receive it back when the property is sold, or if the homeowner elects to buy it back.
The scheme is open to individuals and households who meet the eligibility criteria, and purchase a home in one of 35 priority locations across Victoria.
To be eligible you must:
- be an Australian citizen or have permanent-resident status
- have been residing in Victoria for the past two years
- be aged 18 years or older
- have a gross annual income of up to $77,325 for singles, or up to $97,945 for couples or families
- be able to show evidence of genuine savings for a house deposit
- meet some other additional scheme criteria.
Visit HomesVic for full information about scheme eligibility and priority locations.
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