The Victorian State Government has launched a program to help Aboriginal Victorians buy their own home.
The HomesVic Aboriginal Victorians Shared Equity Program is an extension of the HomesVic pilot, a trial project that has already seen 150 properties purchased and settled since being launched February last year.
The new program will help almost 40 Aboriginal Victorians get their foot in the door of the property market, particularly those who are on low to mid-level incomes.
“We recognise the challenges first home buyers face to buy their own home and we’re taking action to help them take that first vital step,” said Victorian State Treasurer Tim Pallas.
For Aboriginal Victorians to be eligible for the program, a deposit of at least 5 percent is required.
The government will provide up to 35 percent for properties valued up to $500,000 and have a sliding scale shared equity contribution for properties valued $500,000 and above.
A range of regional and metropolitan areas will be available to eligible applicants.
Aboriginal Housing Victoria is teaming up with the Victorian government to deliver and promote this program. They will have a key role in assisting people with the application process.
“By reducing the costs associated with servicing a home loan, HomesVic is reducing the barriers to home ownership that many Aboriginal Victorians face,” said Aboriginal Housing Victoria CEO Darren Smith.
Aboriginal Housing Victoria Chair Tim Chatfield also welcomed the new program.
“It is our long-held vision that Aboriginal Victorians secure appropriate, affordable housing as a pathway to better lives and stronger communities,” Mr Chatfield said.
“Home ownership is an avenue to achieving this vision.”
By Hannah Cross