Victorian Homebuyer Fund | Adjournment & Response

Ms VAGHELA (Western Metropolitan) (17:53): (1610) My adjournment matter is directed to the Treasurer, Minister for Economic Development and Minister for Industrial Relations, the Honourable Tim Pallas. This adjournment matter relates to the portfolio responsibilities of the treasury. Home ownership is a part of the Australian dream. However, the pandemic has increased the financial pressures on Victorians. The pandemic has highlighted how important it is to have a secure place to call your own. Now it is more important than ever before to have stable and affordable housing. The Andrews Labor government has launched the $500 million Victorian Homebuyer Fund. This fund is a shared equity arrangement which will make it easier for more people to buy a home while reducing the financial burden of lenders mortgage insurance. The Victorian Homebuyer Fund is available to Australian citizens or permanent residents who are over the age of 18 years. There are some eligibility requirements that need to be met in order to qualify.

Being able to save a deposit is the biggest challenge many Victorians are facing. It takes several years to get the deposit amount. Through this fund eligible participants only require a 5 per cent deposit, and the Victorian government provides up to 25 per cent of the purchase price in exchange for an equivalent share in the property. Home ownership among the Aboriginal and Torres Strait Islander community is low compared to the rest of the population. Through this fund the government is also supporting Indigenous homebuyers, who can buy with a deposit as low as 3.5 per cent and receive a government contribution of up to 35 per cent in exchange for an equivalent share in the property.

I am proud to be a part of the Victorian government that is helping Victorians realise their dreams. The action I seek from the Treasurer is to provide me with an update on how the residents of the Western Metropolitan Region are being made aware of this fantastic program.


TIM PALLAS MP Treasurer (26 November 2021):

Thank you for your adjournment matter regarding the Victorian Homebuyer Fund.

The Victorian Government is committed to helping more Victorians realise the dream of home ownership. The $500 million Homebuyer Fund is open to applications and will help many Victorians get into their own homes sooner.

Since I announced the launch of the scheme on Friday 8 October 2021 we have been inundated with interest. As of Friday, 19 November 2021, we have received 7,972 enquiries and 2,750 applications. There have been over 1 million content views of the Homebuyer website since its launch, so people are clearly learning about the scheme and coming to find out more about it.

Under the Victorian Homebuyer Fund eligible residents can purchase anywhere in Metropolitan Melbourne, including in places such as Werribee, Williamstown, Sunbury and Footscray in the Western Metropolitan Region. I understand the importance of Victorians staying within their community and being able to purchase a property near friends and family. With the Victorian Homebuyer Fund, that dream can now be a reality.

I encourage you to advise constituents to apply for the Homebuyer Fund by visiting the State Revenue Office website as it remains open and continues to help Victorians to secure a home of their own.