Shared equity schemes are a great solution for home buyers looking to enter the property market sooner, with a smaller loan, less deposit and manageable repayments.
With a shared equity or help to buy scheme, the government essentially contributes to the purchase price of your home, in exchange for a share (co-ownership) in the property. This may be suitable if your borrowing capacity is limited for property in your desired area.
The Victorian State Government currently offers the Homebuyer Fund. Through this scheme, the government contributes a share of up to 25% towards your property. Buyers need to have at least 5% deposit and there's an income limit of $130,485 for singles, $208,775 for couples.
Understanding the property market and shared equity schemes can seem complicated. We can help you to navigate the process by connecting you to finance support and securing a suitable new home.
We provide low deposit solutions in South East Queensland, Victoria and Regional New South Wales.
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