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.
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.
If you are looking for assistance in relation to the HomesVic program, please complete the form below to speak to an FHBA Coach:
Written By,
First Home Buyers Australia
