REVEALED: Preferred locations for Victoria’s HomesVic Scheme

The Victorian Government announced a pilot shared equity scheme to help low to medium income-earning Victorians buy their first home. Under the program, the Government is helping eligible first home buyers by taking a stake in their first home purchase, enabling program users to enter the property market earlier. 

This scheme is expected to be particularly effective in the suburbs of Melbourne (and nearby areas) where housing affordability continues to deteriorate on the back of a housing price boom. HomesVic will take a proportional interest of up to 25% in the property, and will target applicants with incomes of up to $75,000 for singles, or up to $95,000 for couples or families. Buyers will need to have a 5% deposit saved.

Update: 14/02/2018 – Get the latest information on the eligible lenders and how you can get pre-approved, by clicking here

For more details on how the Scheme works, please click here

There are 33 priority areas across 85 Melbourne suburbs and 130 towns. The locations have been chosen by the Victorian Government, in areas where there is a high demand for housing and good access to employment, public transport and other services.

Ballarat is one of the areas that are preferred by the Victorian Government

Where are the priority areas?

When filling out the HomesVic Program Application form (expected to be available by Mid February 2018 at the latest), applicants are required to select up to 10 choices of dwelling types and priority areas. The Victorian Government has announced the following areas/suburbs & dwelling types will be given priority under the scheme:

Priority area Houses Townhouses Apartments
Box Hill area – Box Hill, Blackburn, Nunawading and Surrey Hills No Yes Yes
Broadmeadows  area – Broadmeadows, Coolaroo, Dallas, Fawkner, Glenroy, Jacana, Meadow Heights and Westmeadows Yes Yes Yes
Dandenong area – Dandenong, Doveton, Endeavour Hills, Hallam, Keysborough, Lynbrook and Noble Park Yes Yes Yes
Epping area – Epping, Lalor, Mill Park, South Morang and Thomastown Yes Yes Yes
Fishermen’s Bend area – Port Melbourne, South Melbourne and Southbank No Yes Yes
Footscray area – Footscray, Ascot Vale, Flemington, Kensington, Seddon and West Footscray Yes Yes Yes
Fountain Gate/Narre Warren area – Narre Warren, Berwick, Hallam, Hampton Park, Harkaway, Narre Warren North and Narre Warren South Yes Yes Yes
Frankston area – Frankston, Karringal, Langwarrin, Carrum and Seaford Yes Yes Yes
LaTrobe area  – Bundoora, Heidelberg, Heidelberg Heights, Heidelberg West, Ivanhoe, Kingsbury, Macleod, Rosanna, Reservoir and Viewbank Yes Yes Yes
Monash area – Clayton, Mount Waverley, Mulgrave, Notting Hill, Oakleigh and Springvale Yes Yes Yes
Pakenham area – Pakenham and Officer Yes Yes Yes
Parkville  area – Parkville, Brunswick, Carlton, North Melbourne, Flemington, Travancore and Ascot Vale No Yes Yes
Ringwood  area – Ringwood, Croydon, Heathmont, Bayswater and Mitcham Yes Yes Yes
Sunshine area – Sunshine, Albion, Braybrook, Brooklyn,  Sunshine North, Sunshine West, and Tottenham Yes Yes Yes
Werribee area – Werribee, Hoppers Crossing, Point Cook, Tarneit , Williams Landing, Wyndham Vale Yes Yes Yes
Bacchus Marsh (Peri-Urban town) Yes Yes Yes
Kilmore and Wallan (Peri-Urban town) Yes Yes Yes
Kyneton and Gisborne (Peri-Urban town) Yes Yes Yes
Drouin and Warragul (Peri-Urban town) Yes Yes Yes
Ballarat area – Ballarat Central, Alfredton, Ballarat East, Ballarat North, Black Hill, Canadian, Delacombe, Eureka, Golden Point, Invermay Park, Lake Gardens, Lake Wendouree, Lucas, Miner’s Rest, Mitchell Park, Mount Pleasant, Newington, Redan, Sebastapol, Soldiers Hill and Wendouree Yes Yes Yes
Bendigo area – Ascot, Bendigo, Big Hill, California Gully, Eaglehawk, Eaglehawk North, East Bendigo, Epsom, Flora Hill, Golden Gully, Golden Square, Ironbark, Jackass Flat, Kangaroo Flat, Kennington, Long Gully, Maiden Gully, Mandurang, Mandurang South, North Bendigo, Quarry Hill, Spring Gully, Stratfieldsaye and White Hills Yes Yes Yes
Castlemaine area – Castlemaine, Barkers Creek, Campbell’s Creek, Chewton, Golden Point, Harcourt, Mackenzie Hill and Moonlight Flat Yes Yes Yes
Geelong area – Geelong, Armstrong Creek, Bell Park, Bell Post Hill, Belmont, Breakwater, Corio, Drumcondra, East Geelong, Geelong West, Grovedale, Highton, Marshall, Manifold Heights, Newcomb, Newtown, Norlane, North Geelong, North Shore, St Albans Park, South Geelong, Thomson, Torquay, Wandana Heights and Whittington Yes Yes Yes
Latrobe City area – Churchill, Moe, Morwell and Traralgon Yes Yes Yes
Mildura area – Mildura Central, Birdwoodton, Cabarita, Cardroos, Irymple, Koorlong, Merbein, Merbein West, Nichols Point, Red Cliffs, Wargan and Yelta Yes Yes Yes
Seymour area – Seymour, Avenel, Hilldene, Mangalore, Northwood, Tallarook, Trawool and Whiteheads Creek Yes Yes Yes
Shepparton area – Shepparton, Grahamvale, Kialla, Mooroopna, Mooroopna North, Orrvale, Shepparton East and Shepparton North Yes Yes Yes
Wangaratta area – Wangaratta, East Wangaratta, Laceby, North Wangaratta, Oxley, Oxley Flats, Waldara, Wanganndary and Wangaratta South Yes Yes Yes
Warrnambool area – Warrnambool, Allansford, Bushfield, Dennington, Wangoom and Yangery Yes Yes Yes
Wodonga area – Wodonga, Bandiana, Castle Creek, Leneva and West Wodonga Yes Yes Yes

Source: https://www.vic.gov.au

FHBA can help you secure a home eligible for the HomesVic Program!

To participate in the scheme, the applicant must secure a home loan from a financial institution authorised by the Victorian Government. As a first step, the applicant must secure a pre-approval or a conditional approval. The Government will not assess the application before this has occurred.

In the coming weeks, a list of panel financial institutions will be provided by the Victorian Government. before the launch of the scheme. Our first home buyer specialist mortgage service – FHBA Mortgages will have access to some of these lenders. We can also help you find a suitable home in the suburbs mentioned above.

Click here to express your interest in the scheme which will enable HomesVic to notify you once the scheme has opened for applications.

If you are looking for assistance in relation to the HomesVic program, please complete the form below to speak to an FHBA Coach:








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