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First Home Buyers Given Fighting Chance with HomesVic Scheme

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An initiative to provide Victorian first home buyers a better chance of getting into the housing market has officially launched, with applications to be accepted from next month.

The state government’s HomesVic program will provide up to 25 per cent of the purchase price of a dwelling for eligible, low-income first home buyers.

The pilot scheme will be accepting applications over the coming weeks and will be awarded to around 400 first home buyers who meet the eligibility criteria.

[Related reading: First Home Buyers Boosted by Stimulus Measures]

“We’re delivering a range of housing affordability measures to help make the dream of home ownership a reality for thousands of Victorians,” Acting Treasurer Robin Scott said.

“There has already been significant interest shown in the HomesVic scheme, which will help Victorians take that all-important step on to the first rung of home ownership.”

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HomesVic is part of the Andrews government’s Homes for Victorians package which launched in 2017 to benefit more than 12,000 first home buyers from significant stamp duty cuts.

HIA spokesperson Kristen Brookfield said the association welcomed such a scheme.

“The HomesVic scheme will assist low income singles and couples who are trying to buy their first home and don’t qualify for public housing,” she said.

“This is the group most affected by the lack of affordable housing in Melbourne and Victoria. [Figures] show that the typical stamp duty bill on homes in Victoria has risen by 4,000 percent since 1982.”

[Related reading: Stamp Duty Exemptions in NSW and Victoria Attracting First Home Buyers]

“With the median price of a Melbourne dwelling at $720,417, this makes buying a house a pipe dream for so many low income young people.”

As part of the scheme, the government has also pinpointed 85 Melbourne suburbs, 130 regional towns and suburbs, and seven semi-urban towns as the most viable locations for scheme participants to investigate when searching for their first home.

The locations have been chosen in areas where there is a high demand for housing and good access to employment, public transport and other services.

These priority areas include Box Hill, Sunshine, Werribee and Fishermen’s Bend.

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Article originally posted at: https://theurbandeveloper.com/articles/first-home-buyers-given-fighting-chance-with-homesvic-scheme