Who Is Eligible For The Homebuyer Fund?
You don’t have to be a first home buyer to qualify. The fund is available for those who want to become owner-occupiers of property in Victoria. The eligibility criteria are as follows:- You are an Australian citizen or permanent resident
- You are at least 18 years old at the time of settlement
- You have saved a deposit of at least 5%.
- Your gross annual income is $125,000 or less (for individuals) or $200,000 or less for joint applicants.
- You are buying the property as a principal place of residence.
- You must become a registered owner of the property you’re buying.
- Your property must remain insured. You will need to provide a certificate of currency during each annual review period.
- Organisations, companies, trusts or other entities
- If you are purchasing a property from a vendor who is a relative
- You own an interest in land at the time of purchase (including as a trustee of a trust or beneficiary under a trust)
- You are acting as trustee of a trust
- You are a shareholder in any corporation (other than a public company) that owns any land
How Much Can The Home Cost?
The maximum purchase price for Metropolitan Melbourne and Geelong is $950,000 and for regional locations, it is $600,000.Where Are The Eligible Locations?
The property you buy must be in Metropolitan Melbourne, Geelong or an eligible regional location in Victoria. Here are some popular areas eligible for the scheme.Metropolitan Melbourne | Regional Victoria |
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Southbank Richmond Mount Waverley Croydon Berwick Dandenong Cranbourne Frankston | Bacchus Marsh Bendigo Ballarat Ocean Grove – Barwon Heads |
What Types Of Properties Are Eligible?
You can buy an existing property or a new property if a certificate of occupancy is issued before the date of the contract of sale. The following types of properties are eligible:- House
- Townhouse
- Unit
- Apartment
- Vacant land is not eligible
- Off-the-plan purchases are not eligible
The Victorian Homebuyer Fund can be used with other statewide benefits, like the first home owners grant and stamp duty exemptions or concessions. If you do not qualify for the fund, there are other low-deposit options available. Our mortgage brokers can help you choose the right option so you can buy your dream home sooner. Besides the Victorian Homebuyer fund, there are other nationwide grants and schemes that you can qualify for. Call us on 1300 889 743 or enquire online today.