Housing Affordability Reforms offering a unique Co-Purchase deal.
Housing affordability has been a hot topic across Victoria for many years and now the state Government is offering a unique co-purchasing arrangement under a pilot program called HomesVic.
HomesVic will give 400 people the chance to co-purchase a home with the government, which will chip in an equity share of up to 25% and get its money back (plus price growth) when the property is eventually sold.
The HomesVic program is available for application from couples earning up to $95,000 and singles earning up to $75,000. Purchasers will need will need a 5% deposit to be eligible.
While government co-purchasing is common overseas; this is a state first for Victoria, and one of several new reformsmade to assist housing availability including 17 new Melbourne suburbs and stamp duty reductions.
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