Premier Daniel Andrews’ government has annouced another mammoth round of election promises to the tune of more than $2.7bn
The first came on Monday with the extended trial of the Victorian Homebuyer Fund, which will pay up to a quarter of the price of house purchases.
Budding Victorian homebuyers could have hundreds of thousands of dollars shaved off what they need for a property deposit under the scheme.
This would result in eligible participants needing to have just 5 per cent of the purchase price upfront while the state government foots up to 25 per cent.
The funds would come from a $1.1bn shared equity pile that would be repaid at market value over time or when the property was sold.
To be eligible for the scheme, Victorians must earn less than $128,000 as a single or $204,800 combined.
Homes they’re aiming to buy must be valued below $950,000 in Melbourne and Geelong and $600,000 in regional Victoria.
Buyers must also live in the home and not be buying it from a relative.
The scheme was launched in October 2021 and has aided more than 2000 households with buying a home, with the state paying up to 25 per cent of the purchase price.
Another 1000 applicants have already been approved to start house hunting knowing they have a secure funding partner.
Click the link to read the full article: https://www.news.com.au/national/victoria/politics/premier-daniel-andrews-to-unveil-27bn-in-election-vows/news-story/2201d0246a64204b4f4423f0a1cbb37a
Comments