THE Victorian Government last week said its pilot program to help Victorians get into their first home has taken a significant step forward, with a range of metropolitan and regional destinations identified as priority locations.
As part of the HomesVic program, the government will provide up to 25 per cent of the purchase price of a dwelling for eligible, low-income first home buyers. The shared equity scheme aims to help these first home buyers enter the market earlier by reducing the amount of money they need for their deposit and home loan.
The list of locations includes 85 Melbourne suburbs, 130 regional towns and suburbs, and seven peri-urban towns. According to the government, the locations have been chosen in areas where there is a high demand for housing and good access to employment, public transport and other services.
Applications will officially open in the coming weeks – backed by initial funding of $50 million – and the pilot will be available for up to 400 first home buyers who meet the eligibility criteria.
HomesVic is part of the State Government's Homes for Victorians package, which was launched last year to provide a coordinated approach across government and across the state to support first home buyers, private renters and social housing organisations.
More information about HomesVic is available from the Victorian Government's Homes for Victorians website at <https://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/homesvic.html>.