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First home buyers who are eligible for the HomesVic Shared Equity Scheme are now able to purchase their dream home in Altona North’s Alfie development with as little as a 5% deposit.

The Alfie residential project is being delivered by Development Victoria, a state government authority tasked with providing affordable and diverse housing options for Victorians through a range of projects across Melbourne and Regional Victoria. 

In line with its commitment to provide affordable housing opportunities, Development Victoria has received approval for inclusion of the Alfie project in the Victorian Government’s Shared Equity Scheme, which is designed to make home ownership more affordable by reducing the amount of money which is usually required to purchase a home.

While typical shared equity models see private investors or not-for-profit organisations providing up to 25% of a property’s purchase price in the form of a deposit, the HomeVic scheme allows the Victorian Government to take on this role, in exchange for an equivalent proportional beneficial interest. 

Since its establishment in February 2018, 247 homes have been purchased using this model, and up to 400 aspiring first home buyers on low to moderate incomes will be able to access this assistance throughout the lifetime of the scheme.

The Alfie homes which will be available for purchase using the HomesVic Shared Equity model include a range of two-bedroom townhouses in the established streets of Altona North’s newest housing development.

Homes throughout the estate place a strong emphasis on high quality design and materials, with landscaping and parks which encourage residents to engage with the community’s open spaces.

Quotes attributable to Minister for Priority Precincts Gavin Jennings 
“Through Development Victoria’s Alfie project there has been a commitment to deliver a portion of affordable housing. The benefit of this project is that it provides an opportunity for first home buyers to purchase a new home within an established community.”

Quotes attributable to Treasurer for Victoria Tim Pallas 
“For many first home buyers, it can be hard to save enough money for a home deposit. The HomesVic Shared Equity Scheme allows more young Victorian families, and low to moderate income earners to buy their own home.”

Quotes attributable to Member for Altona District Jill Hennessy 
“As the population of Hobsons Bay grows and changes, the Victorian Government is committed to providing high quality, affordable housing options to meet the growing and diverse needs of this community.” 

Updated on 26 May 2023