Home Ownership for Aboriginal Victorians
Are you interested in owning your own home?
Victorian Homebuyer Fund
Since its launch in October 2021, the Victorian Homebuyer Fund (VHF) has been helping thousands of Victorians buy their own home.
Aboriginal Housing Victoria is working with the Victorian Government and VHF participating lenders (Bank Australia, Bendigo Bank, Commonwealth Bank and Indigenous Business Australia (IBA) to support eligible Aboriginal and/or Torres Strait Islander Victorians to apply to the VHF.
How does the VHF help Victorians to buy a home?
The shared equity model offered through the VHF can help you own your own home sooner.
Eligible Aboriginal and/or Torres Strait Islander applicants need a minimum 3.5% deposit (plus acquisition costs) to get started. The VHF will then contribute up to 35% of the purchase price, in exchange for an equivalent share in the property. The Government's contribution decreases the size of the mortgage you will require to buy a home, as. well as the deposit you will need to save, meaning you can get into your own home sooner.
Up to four people can make a joint application to buy a property together through the VHF.
Who is eligible for the VHF?
To be eligible for the VHF, you need to:
- Be an Australian or New Zealand citizen or permanent resident
- Be at least 18 years old
- Not own any land or other properties in Australia or overseas, either on your own or with someone else
- Be an owner-occupier and registered owner of the property you plan to buy
- Have a taxable income not exceeding $128,000 as a single income, or $204,800 for a household
For the full list of eligibility criteria, please visit the VHF website.
Through the VHF, eligible participants can purchase a property valued up to $950,000 in metropolitan Melbourne or Geelong, or up to $600,000 in regional Victoria.
To qualify for Aboriginal and/or Torres Strait Islander supports (a lower minimum deposit of 3.5% plus acquisition costs and a higher contribution to the property price of up to 35%) you will also need to provide a Confirmation of Aboriginality (CoA).
If you don’t have a COA, give Aboriginal Housing Victoria a call for some guidance on how to get one.
If you cannot provide a COA, you can still enter through the broader program, which provides up to 25% of the property’s purchase price and requires a minimum 5% deposit plus acquisition costs.
Check your eligibility!
Check if you are eligible to enter the VHF by completing the eligibility assessment tool on the VHF website here. It will only take 5 minutes!
You can also call or email Aboriginal Housing Victoria to talk about the VHF.
How to Apply
First, visit the VHF website and check your eligibility.
If you could be eligible, talk to one of the VHF participating lenders (banks) via phone or appointment about applying for a
If you meet bank lending and VHF requirements, the lender will provide home loan pre-approval and lodge an application on your behalf to the SRO to access the VHF.
Once you have pre-approval, you will know your indicative price range and can start searching for a suitable property.
Finding the right property can be hard. You have 6 months to find a suitable property and enter into a contract of sale. Before entering a contract of sale, consider getting a professional building and pest inspection. You’ll need to cover the fee for this. When you sign the contract of sale, you will need to also pay your deposit.
Once the contract is signed and the deposit is paid, you'll need to seek final home loan approval (and final VHF approval) through your bank. You will then need to engage a conveyancer to facilitate settlement (you’ll need to cover the costs for this). Once settled, you will receive the keys to your new home.
Key Contacts for the VHF
State Revenue Office (Administrator of the VHF):
Phone: (03) 7020 1549
Aboriginal Housing Victoria:
Free Call: 1800 248 842
Phone: (03) 9403 2100
Phone: 132 888 – Australia-wide
Phone: 1300 236 344 (in Australia)
Phone: 13 2221
Indigenous Business Australia (IBA):
Phone: 1800 107 107