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.
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
Updated on 26 May 2023