Victorian State Has Provided $1.1 Billion to Help Residents Buy a Home

The Victorian state government’s Homebuyer Fund, launched around two years ago, has supported more than 7,300 families to secure a home, of that number, two-thirds have been first-home buyers. To date, the Fund has provided $1.1 billion in shared equity contributions. In the early 2000s, it typically took someone living in the state 3.6 years to save a deposit; now it takes an average of 6.2 years. The Homebuyer Fund was established to significantly reduce up-front costs for families and individuals who might otherwise struggle to get a start in the property market. The Fund contributes up to 25 percent of the purchase price, and reduces the required deposit to just five percent. This in turn helps buyers to avoid the need to pay expensive premiums on lenders’ mortgage insurance....