Victoria Homebuyer Fund | G&C Mutual Bank

Saving for a deposit and purchasing an affordable home is increasingly challenging, placing home ownership aspirations out of reach for many Victorians.

Through the Victorian Homebuyer Fund, the Victorian Government may help you fast-track your path to homeownership by supporting you to purchase your own home with as little as a 5% deposit (or 3.5% for eligible Aboriginal and Torres Strait Islander participants), while saving thousands of dollars in lenders mortgage insurance costs.

Make an online booking with our dedicated Lending Specialists to talk about the Victorian Homebuyer Fund. Online bookings are managed through Unity Bank, who we have recently merged with, the team is ready to help you understand your eligibility and secure your place in the Fund.

What is the Victorian Homebuyer Fund?

Through the Victorian Homebuyer Fund, the Victorian Government may help you fast-track your path to homeownership by supporting you to purchase your own home with as little as a 5% deposit (or 3.5% for eligible Aboriginal and Torres Strait Islander participants), while saving thousands of dollars in lenders mortgage insurance costs. The Government's contribution means a smaller deposit and lower monthly repayments.

How does it work?

With the Victorian Homebuyer Fund, your mortgage helps to fund your share of the property, and your repayments will cover the principle and interest on that mortgage. The Government's interest in the property will be represented as a second mortgage on the title, alongside the primary mortgage held by the lender.

Example

Eligible participants

Purchase a home for $500,000 in Victoria through the Victorian Homebuyer Fund with a home loan from Unity Bank, providing a 5% deposit of $25,000 and covering any acquisition costs.
The Victorian Government contributes up to $125,000, or 25% of the purchase price.
Secure the remaining amount of up to $350,000, or 70% of the property, through a home loan with Unity Bank. The Government’s contribution varies based on the purchase price and size of your loan.

Eligible Aboriginal and Torres Strait Islander participants

Purchase a home for $500,000 in Victoria through the Victorian Homebuyer Fund with a home loan from Unity Bank, providing a 3.5% deposit of $17,500 and covering any acquisition costs.
The Victorian Government contributes up to $175,000, or 35% of the purchase price.
Secure the remaining amount of up to $307,500, or 61.5% of the property, through a home loan with Unity Bank. The Government’s contribution varies based on the purchase price and size of your loan.

Download the fact sheet for more details.

Eligibility criteria

Australian or New Zealand citizen, or permanent Australian resident, at least 18 years of age
Property price is no more than $950,000 in metropolitan Melbourne and Geelong, or $700,000 in regional Victoria
Meet the minimum deposit at least 5% (or 3.5% for Aboriginal and Torres Strait Islander applicants) of your property price
Gross income of $135,155 or less per annum for individuals (excluding single parents), or $216,245 or less per annum for single parents or joint applicants.
Purchased property is your primary place of residence
Not an owner or have interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust)
Not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas
Not be a participant in the Australian Government's First Home Guarantee (FHBG), Family Home Guarantee (FHG) or Regional First Home Buyer Guarantee (RFHBG) through Home Guarantee Scheme (HGS)