Uncategorized
Victorian Government Help to Buy Scheme
For many Australians, owning a home is a dream achievement and with the Victorian Governments Help to Buy Scheme, that dream could be one step closer to becoming a reality.
Read More
What is the Help to Buy Scheme?
The Help to Buy scheme is a government backed program that allows eligible homebuyers to purchase a property with a significantly smaller deposit. Instead of requiring buyers to save the traditional 20%, the government contributes a portion of the purchase price in exchange for an equity stake in the property. Under the scheme:- - The government can contribute up to 30% of the purchase price for existing homes.
- - For new builds, the contribution can be up to 40%.
- - Buyers typically need as little as a 2% deposit.
Understanding shared equity
Shared equity means the government owns a portion of your property alongside you. For example, if the government contributes 30% toward the purchase price, it will retain a 30% stake in the home. Over time, homeowners have the option to buy out the government’s share when financially ready, or repay the equity portion upon selling the property If the property increases in value, the government shares in that gain. Likewise, it also shares in any loss if the property value decreases.Who is eligible for the Help to Buy Scheme?
The scheme is targeted primarily at low income earners who may need assistance to enter the housing market. While exact eligibility criteria can vary and conducting your own research is recommended, key requirements typically include:- - Being an Australian citizen or permanent resident
- - Meeting income caps as a single or couple purchaser
- - Purchasing within specified property price limits
- - Living in the home as an owner-occupier



