Victorians, did you know there is a new home buyer fund?

The Victorian government has introduced the $500 million Victorian Homebuyer Fund (VHF), which is expected to support more than 3,000 home buyers.

Eligible participants will only require a minimum deposit of 5 per cent, while the government will provide up to 25 per cent of the property purchase price in exchange for an equivalent share in the property.

Currently, the only lender participants currently include Bank Australia and Bendigo Bank.

To be eligible to participate in the fund, home buyers need to:

Under this new scheme, home buyers will no longer be required to be first home buyers. You can also buy in a broader range of locations and have higher household incomes than compared to before.

Property price caps are $950,000 in metropolitan Melbourne and Geelong, and $600,000 in regional Victoria excluding Geelong.

Victorian Treasurer Tim Pallas said that the coronavirus pandemic has heightened financial pressures for home buyers, and highlighted the value of having stable, affordable, secure, and safe housing.

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