HomesVic for Aboriginal Victorians
Fact sheet for first home buyers
From contracts of sale to conveyancing - it's important to keep in mind what costs come with buying a property.
We've released a first home buyers' fact sheet that details some of the basic expenses you should consider when saving for a home.
It also features a handy calculator for you to estimate how much you'll need to save, and also lists some key terms you'll hear in the home buying process.
Are you interested in home ownership?
HomesVic for Aboriginal Victorians is a joint Aboriginal Housing Victoria (AHV)/Victorian Government initiative that can assist you to buy your first home.
For an overview of the program, please visit: http://homesvic.vic.gov.au
How does it work?
HomesVic takes a proportional beneficial interest in the property that you purchase. This reduces the amount of money you need to obtain for a home loan.
The opportunity for Aboriginal Victorians
HomesVic will take a proportional beneficial interest of up to 35% in first homes purchased by Aboriginal Victorians under the program.
HomesVic is a pilot program developed by the Victorian Government to assist up to 400 first home buyers purchase their first property, by reducing the amount required for their home loan. AHV is working with the HomesVic team to deliver a unique component of the program to Aboriginal Victorians.
Are you eligible?
If you can say yes to all the following criteria, you may be eligible to participate in the HomesVic program*.
• Are you of Aboriginal and/or Torres Strait Islander descent, and able to provide a ‘Confirmation of Aboriginality’ (COA)?
• Do you have a gross yearly income of no more than $81,025 for singles or no more than $102,630 for couples or families**?
• Are you able to contribute a 5% deposit of the purchase price of the property from genuine savings?
• Have you been residing in Victoria for at least the past two years?
• Are you purchasing the dwelling as your principal place of residence?
Getting started with shared equity
The following examples illustrate how shared equity helps to reduce the amount required for a home loan. These should be used as a guide only.
|Funding source||Participant contribution||Loan||Shared equity money||Maximum purchase price||Shared equity percentage|
Contact us to learn more
We’re here to help. Give us a call or send us an email for a confidential discussion about the opportunities that may be available to you.
0438 915 225
Housing types and availability
To view a list of available towns and suburbs under the HomesVic program, visit the How to Apply section at: http://homesvic.vic.gov.au Towns and suburbs in the pilot were chosen in accordance with the Government’s publicly available planning documents such as Plan Melbourne 2017-2050 and regional growth strategies. Please contact us to discuss your circumstances should they require another location.
More information about the HomesVic program can be found at: http://homesvic.vic.gov.au
* For a full list of general program terms, conditions and eligibility criteria, visit: http://homesvic.vic.gov.au
**Figures are subject to change as per annual adjustments to the Average Weekly Earnings. Most recent changes: increase from $75,000 to $77,325 for singles and $95,000 to $97,945 for couples or families.
About the artwork
“The coolamon at the front features one main river running over the landscape, with rocks and animals alongside it. The linework around the river show our tracks we travel along the river, with the circles representing our meeting places, our homes, where we meet together.”
-Reanna Bono, Wiradjuri and Wemba-Wemba, Yakuwa Graphic Design