Helping Aboriginal Victorians buy their first home

The Victorian Government is helping to make home ownership more affordable for Aboriginal Victorians by extending its already successful HomesVic pilot.

Victorian Treasurer Tim Pallas officially launched the HomesVic Aboriginal Victorians Shared Equity Program, which will help up to 40 Aboriginal Victorians get on the first rung of the property ladder.

Eligible applicants will need a deposit of at least 5 per cent, with the Government providing up to 35 per cent for properties valued up to $500,000 and a sliding scale shared equity contribution for properties valued above $500,000.

It will be a helping hand for low to middle income Victorians who are struggling to enter the property market.

So far, 150 properties have been purchased and settled through HomesVic pilot, which was launched in February 2018. A further 160 homes have been conditionally approved – with places still available.

As with the HomesVic pilot, a broad range of metropolitan and regional areas are available to eligible Aboriginal Victorian applicants, including 85 Melbourne suburbs, 130 regional towns and suburbs, and seven peri-urban towns.

The Victorian Government is working with Aboriginal Housing Victoria (AHV) to deliver the scheme, with AHV having a vital role to promote the scheme and assist Aboriginal Victorians with the application process.

Source: Vic Government