	{"id":81297,"date":"2024-02-02T04:57:55","date_gmt":"2024-02-01T17:57:55","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/?p=81297"},"modified":"2024-02-01T13:02:04","modified_gmt":"2024-02-01T02:02:04","slug":"shared-equity-fund-hits-1-1b-milestone","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/shared-equity-fund-hits-1-1b-milestone\/","title":{"rendered":"Shared equity fund hits $1.1b milestone"},"content":{"rendered":"<p>The Victorian government&#8217;s Victorian Homebuyer Fund has reached a major milestone, providing $1.1 billion in shared equity contributions to help thousands of people achieve the dream of owning their own home.<\/p>\n<p>The $2.1 billion Homebuyer Fund has been progressively boosted since it was launched about two years ago and has now supported more than 7,300 Victorians to secure a home.<\/p>\n<p>Two-thirds of those have been first home buyers.<\/p>\n<p>The most recent $500 million injection was part of the Victorian government&#8217;s Housing Statement, aimed at expanding housing supply and affordability across the state.<\/p>\n<p>In the early 2000s, it took the typical Victorian household 3.6 years to save a deposit to buy a home but it now takes an average of 6.2 years.<\/p>\n<p>The Homebuyer Fund is intended to drastically shrink up-front costs for families and individuals who might otherwise struggle to get a foothold in the property market.<\/p>\n<p>It contributes up to 25 per cent of a participant&#8217;s home purchase price and reduces the required deposit to just 5 per cent, helping to avoid the need for buyers to pay costly premiums for lenders mortgage insurance.<\/p>\n<p>Homebuyers backed by the scheme would pay only $30,000 for a deposit on a $600,000 property, while the fund would contribute equity of up to $150,000. The median purchase price of fund participants is $615,000.<\/p>\n<p>Fund participants can earn up to $130,485 individually, or $208,775 as a couple, while the maximum purchase price is $950,000 in metropolitan Melbourne and Geelong, and $600,000 elsewhere in regional Victoria.<\/p>\n<p>Preston resident Cassandra Bird bought her apartment for $350,000 last November and moved in a month later.<\/p>\n<p>She said the backing of the fund allowed her to stop renting indefinitely and start the process of buying a house.<\/p>\n<p>&#8220;The scheme made all the difference for me. I was saving money, but it was a slow process and the shared equity gave me the ability to access the market now.<\/p>\n<p>&#8220;I was aware of the scheme but wasn&#8217;t sure if I&#8217;d qualify, but I&#8217;m glad I followed it up. It&#8217;s been amazing for me.&#8221;<\/p>\n<p>The Victorian government delivers the scheme in partnership with four lenders: Commonwealth Bank, Bendigo Bank, Bank Australia and Indigenous Business Australia.<\/p>\n<p>Scheme participants can buy back the government&#8217;s share in their property over time through refinancing, using savings, or upon sale of the property, with proceeds recycled to support new participants.<\/p>\n<p>Homebuyer Fund participants are also eligible for Victorian first-home-buyer stamp duty exemptions and concessions and First Home Owner Grants of $10,000.<\/p>\n<p>&#8220;Shared equity is a partnership that is helping thousands of Victorians take the keys to their own home,&#8221; Treasurer Tim Pallas said.<\/p>\n<p>&#8220;The Homebuyer Fund has been a success because it makes a real difference, while the very nature of the scheme means the impact on the state&#8217;s balance sheet is at worst neutral.&#8221;<\/p>\n<p>For more information on the Homebuyer Fund, head to <a href=\"http:\/\/sro.vic.gov.au\/homebuyer\">sro.vic.gov.au\/homebuyer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Victorian government&#8217;s Victorian Homebuyer Fund has reached a major milestone, providing $1.1 billion in shared equity contributions to help thousands of people achieve the dream of owning their own home. The $2.1 billion Homebuyer Fund has been progressively boosted since it was launched about two years ago and has now supported more than 7,300 [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/shared-equity-fund-hits-1-1b-milestone\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":142,"featured_media":81298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[19],"tags":[],"post_folder":[],"class_list":["post-81297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shared equity fund hits $1.1b milestone - Bellarine Times<\/title>\n<meta name=\"description\" content=\"Discover the impact of the Victorian Homebuyer Fund, providing $1.1 billion in shared equity contributions. Learn how this $2.1 billion fund reduces upfront costs, making homeownership accessible. Find eligibility criteria and benefits. Visit sro.vic.gov.au\/homebuyer for more information.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/bellarinetimes\/real-estate\/shared-equity-fund-hits-1-1b-milestone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shared equity fund hits $1.1b milestone - Bellarine Times\" \/>\n<meta property=\"og:description\" content=\"Discover the impact of the Victorian Homebuyer Fund, providing $1.1 billion in shared equity contributions. Learn how this $2.1 billion fund reduces upfront costs, making homeownership accessible. Find eligibility criteria and benefits. 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