Expansion of Homebuyer Fund
As part of the 2024-25 State Budget, the Victorian Government has announced a $700 million expansion of the Victorian Homebuyer Fund.
The Budget also includes the following Homebuyer Fund eligibility requirement changes from 1 June 2024:
- Increasing the regional purchase price cap from $600,000 to $700,000, and
- Including single parent applicants in the joint applicant income threshold of $208,775.
From 1 June 2024 until 30 June 2025, there will also be a monthly cap on the number of applications accepted.
The Homebuyer Fund was established in 2021 and is a shared equity scheme in which the government makes a financial contribution to the purchase price of an eligible property, in exchange for a proportional interest, or share, in the property.
Read more on the SRO Website
Source: State Revenue Office Victoria
