HomesVic First Home Buyer Scheme

The scheme is limited to first home buyers who meet the scheme eligibility criteria. View the full scheme eligibility criteria and preferred location information on the HomesVic website.

Expressions of interest are open now and can be submitted using our online portal.  

If you experience issues using the online portal, or have special access requirements, please call our Contact Centre on 132 888.

No limit is set for the maximum value of the property that can be purchased, however the total value of the HomesVic contribution will be influenced by the deposit you have saved, and the value of the home loan you can access based on your income and expenses.  

• Basic Home Loan (fixed or variable rate)
• Premium Home loan (fixed or variable rate)
• Premium home loan package 

View our competitive home loan rates here. 

Note: interest only and investment only home loan products are excluded under the HomesVic scheme.

Online registration – Bank Australia

Bank Australia will receive and check expressions of interest. Valid expressions of interest will receive a confirmation email. Registrations will be timestamped to ensure that they are assessed on a first come, first served basis.

Note: Online registration does not guarantee a place in the scheme, this is determined by HomesVic later in the process (see below).

Initial loan application – Bank Australia

After registration, applicants will need to complete an online loan application to determine their eligibility for a Bank Australia home loan. This should be done as soon as practicable after receiving the email confirming successful scheme registration.

Bank Australia will assess loan applications against our lending criteria, and contact applicants to advise if they have received conditional loan approval. This information will also be passed on to HomesVic.

Scheme acceptance – HomesVic

HomesVic will review completed home loan applications and advise applicants if they have been accepted into the scheme. They will also advise applicants of the maximum value of the home they can purchase, and the area in which they can start searching for a property.

Purchase of property - Applicant

Successful applicants will have six months to locate a property within the area they have been approved to purchase in.  

Final approval and settlement – Bank Australia

Once an offer on a property has been accepted, Bank Australia will arrange for a valuation of the property which will be provided to HomesVic for validation. Bank Australia then will arrange the settlement of the loan, using the applicant’s deposit, and the HomesVic scheme contribution.

Online registration

You'll need to provide basic identifying information, and confirm that you meet the HomesVic eligibility criteria.

Loan application

After registration you’ll be contacted and asked to provide some financial, and identification information:

• Income - gross (before tax) and net salary (after tax), employment details and other income (eg shares etc.)
• Assets - approximate values of property, vehicles, savings, superannuation, etc.
• Liabilities - loan balances, repayment amounts, credit card or overdraft limits, etc.
• Online verification of your identity via either a Drivers Licence, Medicare Card or Passport

Loan finalisation

Once conditional loan approval is granted, you will be asked to complete some forms, and provide the following financial information:

• A recent transaction account statement from your banking institution
• Credit Card Statement/s – spanning at least 3 months
• Two most recent payslips
• Your 2016/17 Tax Assessment Notice from the Australian Tax Office
• Evidence that you have saved a minimum 5% deposit

HomesVic is responsible for determining approval for places in the scheme. HomesVic will contact applicants to advise if they have been successful or unsuccessful in securing a place in the scheme. 

There are no costs associated with registering for the HomesVic scheme.

After receiving scheme approval, applicants will be responsible for all loan settlement costs including stamp duty, conveyancer, loan establishment fees etc.

Bank Australia will apply standard home loan application fees at the time of loan settlement.

We recommend that applicants seek legal advice to understand the costs associated with purchasing a home. 

Contact Bank Australia on 132 888 for enquiries about scheme registration and loan applications.

Contact the HomesVic team on 1800 290 780 for enquiries about how the HomesVic scheme works, the scheme eligibility criteria, and the status of your application if you've received conditional loan approval from an approved scheme financier.

Your expression of interest may not proceed if you do not meet the HomesVic scheme eligibility criteria, Bank Australia’s lending criteria, or you are not allocated a place in the scheme.

Bank Australia will conduct a credit check during the conditional assessment of your loan. This is a necessary step in our loan pre-approval process, and we will ask for your permission before we do this.

This credit check will be applied to your credit file, and can be accessed by financial institutions when you seek credit in the future. This will occur even if your loan application is not approved by Bank Australia, or your HomesVic application is not approved by HomesVic. 

Yes, visit the HomesVic website to find out information about other approved scheme lenders.