If you’re looking to buy a home in Melbourne, you may be eligible to receive a contribution of up to 25% of the purchase price of your home. The State Revenue Office is administering a Homebuyer Fund on behalf of the Department of Treasury and Finance.
Eligible homebuyers can now receive a contribution of up to 25% towards the purchase price of their property, reducing their minimum required deposit to 5% and avoiding the need to pay Lenders Mortgage Insurance. For eligible Aboriginal or Torres Strait Islander homebuyers, this contribution is up to 35% and the minimum required deposit is 3.5%.
To be eligible for the Home Buyer Fund, there are a number of criteria you are required to meet. You must be an Australian Permanent Resident or a New Zealand or Australian citizen, be at least 18 years of age at settlement, have saved the required minimum deposit amount, earn $125,000 or less as an individual or $200,000 or less as a couple, occupy the property as your principle place of residence, plus many more. You must also purchase a property in the list of suburbs in the Melbourne metro area, Geelong or another eligible regional area listed on the fund criteria.
To access the fund, you must ensure you meet the eligibility criteria, along with gathering the required relevant documentation to apply for a home loan, such as payslips, bank statements, tax returns etc. You are required to speak to a participating lender and obtain a loan pre-approval.
Once you have gathered all the necessary documents, you can apply via the State Revenue Office website.
Do you already have approval for the Home Buyer Fund and are looking to buy a home in Melbourne? Talk to me about how I can help you buy your home.
Ask about our Buyer Advocacy Service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests through out the entire buying process.
To book a free 30-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
