Fact checked
More homebuyers in Victoria will now have access to the state’s shared equity scheme.
Recent changes to the Victorian Homebuyer Fund (VHF) will now see the entire state having access to the scheme, according to Bendigo Bank.
Previously, those eyeing properties in Metropolitan Melbourne, Geelong, or another eligible regional location had access to the fund.
But as of press time, the State Revenue Office of Victoria said participants of the fund “can purchase an eligible property in any location in Victoria.”
Eligible property refers to “a standard residential property such as a house, townhouse, unit or apartment”, existing or new, with a maximum purchase price of around $950,000 in Metropolitan Melbourne and Geelong and $600,000 in other locations in the state.
Bendigo Bank chief customer officer for consumer banking Richard Fennell said homebuyers looking for a home in Victoria to consider applying for VHF.
“For some, the path to home ownership can be difficult to navigate — for these customers, the Victorian Homebuyer Fund is like being supplied with a clearly marked roadmap,” he said.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATURED4.5 STAR CUSTOMER RATINGS | Variable Home Loan (LVR < 70%)
| ||||||||||||
Variable Home Loan (LVR < 70%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDREFINANCE ONLY | Variable Rate Home Loan – Refinance Only
| ||||||||||||
Variable Rate Home Loan – Refinance Only
| |||||||||||||
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of February 21, 2023.
Bendigo Bank has settled over 2,000 loans out of the 7,000 being made available under VHF. Approximately half of all places are already filled.
Bank Australia, Indigenous Business Australia, and recently Commonwealth Bank were also members of the VHF lender panel.
Some of the popular markets participants of the fund was able to purchase into are Tarneit and Pakenham, with regional centres not far behind in Greater Geelong, Gippsland, Mildura, Ballarat, and Greater Bendigo.
Vicki, a resident in Carnegie, is one of the homebuyers Bendigo Bank was able to help through the VHF.
“In the current climate, it's difficult to break into the housing market for young people especially on a single income,” she said.
“When I learned about the VHF, that was my ticket in. It's a great initiative and it's what made buying possible for me.”
—
Photo by Kon Karampelas from Pexels.
Collections: Mortgage News
Share