Helping Victorians own their home sooner

  • Saving a deposit for your home can be challenging. That’s why we're proud to be working alongside the Victorian Government to help more Victorians realise their home ownership goals.

    The Victorian Homebuyer Fund is a shared equity scheme funded by the Victorian State Government. Commonwealth Bank has been a participating partner in the scheme since 8 December 2022.

    Along with our flexible home loans and competitive interest rates, the Victorian Homebuyer Fund is another way we can help our customers into property ownership sooner.

What is the Victorian Homebuyer Fund?

  • The Victorian Homebuyer Fund is a shared equity scheme in which the Victorian Government makes a financial contribution to the home you’re buying in exchange for a share in the property.

    If you have a five percent deposit, the Victorian Government will contribute up to 25% of the purchase price for eligible participants.

    If you’re an eligible Aboriginal and Torres Strait Islander participant and have a 3.5% deposit, the Victorian Government will contribute up to 35% of the purchase price.

    Participants must buy back (repay) the Victorian Government’s share in property over time through refinancing, using your accumulated savings, or upon selling the property. 

  • Why this is great news for you

    If you want to buy a property today you typically need to save at least 20% of the property’s value in order to secure a home loan and avoid paying Lenders Mortgage Insurance (LMI) or Low Deposit Premium (LDP) or to avoid relying on a guarantor.

    Under the Victorian Homebuyer Fund you’ll only need to contribute at least five percent (or 3.5% for Aboriginal and Torres Strait Islander participants) of the purchase price towards the deposit. The Victorian Government then makes a financial contribution in exchange for a share in the property. This will save you money by reducing your mortgage and removing the need for LMI.

Are you eligible for the Victorian Homebuyer Fund?

  • For the Victorian Homebuyer Fund, you can check your eligibility on the State Revenue Office website.

    The following conditions will generally apply. You’ll need to:

    • Be an Australian or New Zealand citizen, or permanent Australian resident
    • Be at least 18 years old at the time of settlement
    • Have saved the required minimum deposit of at least five percent (or 3.5% for Aboriginal and Torres Strait Islander participants) of your property purchase price
    • Earn a gross annual income of $130,485 or less per annum for individuals, or $208,775 or less per annum for joint applicants (up to four applicants can apply)
    • Live in the purchased property as your principal place of residence
    • Not currently own interest in any land in Australia or overseas.

    Your maximum property purchase price is subject to the suburb in which your new property is located. The maximum purchase price must be $950,000 or less in metropolitan Melbourne and Geelong, and $600,000 or less in other eligible regional locations.

    You can check the property price threshold for your property’s suburb using SRO eligible locations.

How can you buy back the Government’s equity?

  • Participants are required to buy back the State Government’s share in their property over time through refinancing, using their savings, or upon sale of the property. The Victorian Government doesn’t charge interest on its investment in participants’ homes, but it does share in any capital gains or losses proportionate to its share of the property.

How to apply

  • To apply for the Victorian Homebuyer Fund, speak to a CommBank Home Lending Specialist who will guide you through the application process. Simply book an appointment online, call 13 2224, or visit a lender at your nearest branch.

Book a time with a Home Lending Specialist, instantly 

Other assistance

  • Home Guarantee Scheme

    We're proud to be working alongside the Australian government to help more first home buyers realise their property ownership goals sooner. 

    Discover the Scheme

  • The First Home Super Saver Scheme

    The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

    For more information, visit the ATO website.

  • Stamp duty concessions

    Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer – check with your local revenue office.

  • First Home Owners Grant

    The First Home Owner Grant is a government scheme that was introduced in 2000 to offset the effect of Goods and Services Tax (GST) on buying or building a home. It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in. Eligibility isn’t based on financial considerations such as your income.

    To find out how it works, visit the First Home Owners Grant website.

Things you should know

  • Applicants must not enter into a contract of sale to purchase property prior to receiving provisional approval from the State Revenue Office to participate in the Victorian Homebuyer Fund.

    Applications are subject to credit approval. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Once our allocation of loans under the scheme has been exhausted, standard lending approval criteria, including the need for LMI and LDP where appropriate, will apply.

    Aboriginal Victorian applicants are supported throughout the process through the Victorian Government’s partnership with Aboriginal Housing Victoria (AHV).

    To find out more about the Victorian Home Buyer Fund, download the Victorian Government's Share Equity Scheme Fact Sheet (PDF). You can also download the Application and Declaration Form (PDF).