Launched in October 2021, the Victorian Homebuyer Fund is a shared equity scheme that has been designed to help more Victorians enter the property market sooner rather than later.
Through the Fund, the Victorian Government provides eligible potential home buyers who have a deposit of 5 per cent, up to 25 per cent of the purchase price in exchange for an equivalent share in the property. Participants then have the option to buy back the government's share in the property over time. This can be achieved through savings, refinancing the home, or upon sale of the property.
Commonwealth Bank Executive General Manager Home Buying, Michael Baumann, said: "At CBA, we help more Australians buy their first home than any other bank and we're so pleased to be able to help even more home buyers into the market by utilising the Victorian Homebuyer Fund."
"We understand it's a very challenging time to be saving for a deposit, which is why we support the Victorian Homebuyer Fund which can help customers into their home sooner and could potentially save them thousands."
In October, the Victorian Government announced its plans to super-size the Fund, committing a further $1.1 billion to triple the amount of available support.
So far, the Fund has helped more than 2,000 Victorians buy a home, with an additional 1,000 applicants approved to start house-hunting. The new investment is set to help a further 7,000 Victorians.
"We want to support buyers right across the country, and the Victorian Homebuyer Fund is yet another way we can help Australians navigate the current environment to secure a home and invest in their future," Dr Baumann said.
To further help Australians manage ongoing cost of living pressures, Dr Baumann said the bank was providing customers with real value and benefits beyond the home loan.
"In partnership with More Telecom, we have extended our offer of a free nbn plan for three years by six months, meaning conditionally approved home loan customers who settle a home loan of at least $250,000 with CBA by 30 June 2023 can access the offer. The 36-month nbn plan could save eligible home owners who maintain their home loan with us for 3 years over $2,700*," Dr Baumann said.
Customers will be able to discuss their eligibility and apply for the Victorian Homebuyer Fund from today.
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