Werribee first-home buyers could get a leg up under a new state government initiative that will help pay property deposits by providing up to a quarter of the purchase price.
Under the scheme, the state government will help first-home buyers enter the property market earlier by reducing the amount of money they need for their deposits and home loans by paying up to 25 per cent of the property price.
The scheme’s “proportional beneficial interest” will only need to be paid back once the home loan has been paid or when the property has been sold.
Wyndham will be one of 33 “priority areas” for eligible first-home buyers under the pilot program. First-home buyers must also be Australian citizens or permanent residents, be aged above 18 and have a gross taxable income of $75,000 for singles or $95,000 for couples.
Applications will open in coming weeks, with the scheme only available to the first 400 first-home buyers who meet eligibility criteria.
Acting treasurer Robin Scott said the pilot program would help first-home buyers get their foot into the property market.
“We’re delivering a range of housing affordability measures to help make the dream of home ownership a reality for thousands of Victorians,” Mr Scott said.
“With its concentration of businesses and institutions and excellent transport links, the government recognises Werribee’s value as a major contributor to the Victorian economy,” a government spokesperson said.
Register interest at homesvic.vic.gov.au to receive an alert when applications open.