You may be eligible to receive a contribution of up to 25% of the purchase price of your home. 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. This fund is a shared equity scheme meaning that the State’s financial contribution is made in exchange for a share or proportional interest in the property.

Purchasers can repay the Homebuyer Fund’s share or interest in their property over time and repayments can be made by refinancing, using savings, and from proceeds when the property is sold. The ongoing obligations after receiving a contribution from the new fund includes complete annual reviews, holding building insurance and maintaining your property.

You can read more on the new Homebuyer Fund through the link below.
https://www.sro.vic.gov.au/homebuyer