If you’re saving for a deposit for your own home in Victoria, but not sure if you can borrow enough, the Victorian Homebuyer Fund may be able to help. We’ve recently partnered with the Victorian Government to help more Aboriginal and Torres Strait Islander people in Victoria become homeowners.
For eligible Aboriginal and Torres Strait Islander people living in Victoria, the Victorian Government will contribute up to 35% of the purchase price of your home. This is called shared equity, meaning they pay up to 35% in exchange for an equivalent share in the property.
The remaining amount of money required to buy your home needs to be secured through a home loan from a Victorian Homebuyer Fund partner lender, like IBA.
Participants are required to buy back the government’s share in their property over time through refinancing, using savings, or upon sale of the property.
The government does not receive interest on the investment but will share in any capital gains or losses proportionate to its share in the property. This means the value of its share goes up or down proportionate to changes in your property’s value.
For Aboriginal and Torres Strait Islander people living in Victoria, only a 3.5% deposit is required.
You must also be able to cover any costs involved in the purchase, such as stamp duty and conveyancing costs.
Aboriginal Housing Victoria can work with you to provide the supporting information you need to progress your application.
Please call IBA on 1800 107 107 if you’d like to speak to one of our home lending officers about the Victorian Homebuyer Fund and an IBA home loan.
Visit the Victorian Homebuyer Fund website for Frequently asked questions.
Or call us on 1800 107107.
IBA have a series of free workshops that can provide additional support on topics like Understanding Credit, Create a Budget, and Preparing for Home Ownership. Check out dates for upcoming workshops.