REVEALED: Preferred locations for Victoria’s HomesVic Scheme

 In First Home Loan, Grants & Incentives, Latest news, Other, Research, Tips

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 areaHousesTownhousesApartments
Box Hill area – Box Hill, Blackburn, Nunawading and Surrey HillsNoYesYes
Broadmeadows  area – Broadmeadows, Coolaroo, Dallas, Fawkner, Glenroy, Jacana, Meadow Heights and WestmeadowsYesYesYes
Dandenong area – Dandenong, Doveton, Endeavour Hills, Hallam, Keysborough, Lynbrook and Noble ParkYesYesYes
Epping area – Epping, Lalor, Mill Park, South Morang and ThomastownYesYesYes
Fishermen’s Bend area – Port Melbourne, South Melbourne and SouthbankNoYesYes
Footscray area – Footscray, Ascot Vale, Flemington, Kensington, Seddon and West FootscrayYesYesYes
Fountain Gate/Narre Warren area – Narre Warren, Berwick, Hallam, Hampton Park, Harkaway, Narre Warren North and Narre Warren SouthYesYesYes
Frankston area – Frankston, Karringal, Langwarrin, Carrum and SeafordYesYesYes
LaTrobe area  – Bundoora, Heidelberg, Heidelberg Heights, Heidelberg West, Ivanhoe, Kingsbury, Macleod, Rosanna, Reservoir and ViewbankYesYesYes
Monash area – Clayton, Mount Waverley, Mulgrave, Notting Hill, Oakleigh and SpringvaleYesYesYes
Pakenham area – Pakenham and OfficerYesYesYes
Parkville  area – Parkville, Brunswick, Carlton, North Melbourne, Flemington, Travancore and Ascot ValeNoYesYes
Ringwood  area – Ringwood, Croydon, Heathmont, Bayswater and MitchamYesYesYes
Sunshine area – Sunshine, Albion, Braybrook, Brooklyn,  Sunshine North, Sunshine West, and TottenhamYesYesYes
Werribee area – Werribee, Hoppers Crossing, Point Cook, Tarneit , Williams Landing, Wyndham ValeYesYesYes
Bacchus Marsh (Peri-Urban town)YesYesYes
Kilmore and Wallan (Peri-Urban town)YesYesYes
Kyneton and Gisborne (Peri-Urban town)YesYesYes
Drouin and Warragul (Peri-Urban town)YesYesYes
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 WendoureeYesYesYes
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 HillsYesYesYes
Castlemaine area – Castlemaine, Barkers Creek, Campbell’s Creek, Chewton, Golden Point, Harcourt, Mackenzie Hill and Moonlight FlatYesYesYes
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 WhittingtonYesYesYes
Latrobe City area – Churchill, Moe, Morwell and TraralgonYesYesYes
Mildura area – Mildura Central, Birdwoodton, Cabarita, Cardroos, Irymple, Koorlong, Merbein, Merbein West, Nichols Point, Red Cliffs, Wargan and YeltaYesYesYes
Seymour area – Seymour, Avenel, Hilldene, Mangalore, Northwood, Tallarook, Trawool and Whiteheads CreekYesYesYes
Shepparton area – Shepparton, Grahamvale, Kialla, Mooroopna, Mooroopna North, Orrvale, Shepparton East and Shepparton NorthYesYesYes
Wangaratta area – Wangaratta, East Wangaratta, Laceby, North Wangaratta, Oxley, Oxley Flats, Waldara, Wanganndary and Wangaratta SouthYesYesYes
Warrnambool area – Warrnambool, Allansford, Bushfield, Dennington, Wangoom and YangeryYesYesYes
Wodonga area – Wodonga, Bandiana, Castle Creek, Leneva and West WodongaYesYesYes

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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