The Victorian Government is helping more locals in Werribee to buy their own home with the launch of the Victorian Homebuyer Fund (VHF).

The government announced the $500 million VHF today, which is expected to support more than 3,000 Victorians become homeowners.

The VHF shared equity arrangement reduces the amount of money eligible participants need to enter the property market and relieves Victorian homebuyers from the extra financial burden of Lenders’ Mortgage Insurance.

It is an expansion of the Government’s successful $50 million HomesVic Shared Equity Initiative, a pilot program that supported more than 335 households to buy their first home including 18 in Werribee and surrounding suburbs.

Eligibility criteria under the VHF will be broader than the HomesVic pilot, making shared equity accessible to more Victorians. Under the new scheme, they no longer need to be first home buyers, can buy in a broader range of locations and can have higher household incomes than compared to the earlier pilot.

The VHF is available to Australian citizens or permanent residents over the age of 18 years, who currently don‘t have an interest in a property and who meet the income thresholds.

Further information is available at vic.gov.au/homebuyer.

Quotes attributable to Member for Werribee Tim Pallas

“Again and again young residents of Werribee have told me about their struggle to buy a home and the State Government is taking action to support young homebuyers.”

“Make no mistake, housing affordability is one of the most significant issues today. I want every young person to be able to turn their dream of home ownership into reality. The Victorian Homebuyer Fund is an innovative way of helping prospective homebuyers to achieve this dream.”