At Ironfish Real Estate, we are thrilled to share exciting news that could bring you one step closer to achieving your dream of home ownership. The Victorian Homebuyer Fund has recently introduced new updates that can significantly support your journey.
What is the Victorian Homebuyer Fund?
This shared equity scheme supports Victorians by contributing up to 25% of the purchase price with only a 5% deposit.
Key Changes from 1 June 2024:
· Eligibility Expansion: Single parent applicants are now included in the joint applicant income threshold of $208,775.
· Application Cap: Monthly limit on applications from 1 June 2024 to 30 June 2025.
Curious about eligibility?
- be an Australian or New Zealand citizen, or permanent Australian resident.
- be at least 18 years of age at settlement.
- have saved the required minimum deposit (at least 5% or 3.5% for Aboriginal and Torres Strait Islander participants) of your property price
- earn $130,485 or less per annum for individuals (excluding single parents), or $208,775 or less per annum for single parents or joint applicants. This refers to your gross annual income.
- occupy the purchased property as your principal place of residence.
- be a natural person (that is, not an organisation, company, trust or other body or entity).
- not purchase your property from a vendor who is a related person.
- not own an interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust).
- not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas.
- have an approved loan from a participating lender and have sufficient funds to pay all acquisition costs associated with the purchase.
Don’t Miss This Incredible Opportunity!
The Victorian Homebuyer Fund is a fantastic opportunity to make home ownership more accessible and achievable. Whether you are a tenant looking to buy your first home or a property owner exploring options for your family, this scheme offers substantial support.
For more information or personalized assistance, please contact us. The Ironfish team is dedicated to helping you every step of the way on your path to home ownership.
