New scheme for first home help

The Andrews Labor Government today announced a new first home buyers scheme for struggling Victorians.

HomesVic, a share equity scheme will provide Government assistance of up to 25% of the initial home price.

The pilot scheme is open to 400 first home buyers who meet the eligibility criteria.

Areas where demand for housing is high, coupled with good access to employment, public transport and other services will be given priority.

Buyers will need to have 5% deposit and demonstrate yearly incomes of up to $75,000 for singles or up to $95,000 for couples or families.

The scheme is designed to give first home buyers struggling to buy their first home the start they need, enabling them to enter the market earlier by reducing the amount of money required for their home loan.

More information about HomesVic and to express an interest, use the following link: