Commonwealth Bank has become the first major lender to accept applications for the Victorian Homebuyer Fund.
Launched in October 2021, the Victorian Homebuyer Fund is a shared-equity scheme that provides eligible potential home buyers who have a deposit of 5%, up to 25% of the purchase price in exchange for an equivalent share in the property, with the option to buy back the government’s share in the property over time through savings, refinancing the home, or upon sale of the property.
“We understand it’s a very challenging time to be saving for a deposit, which is why we support the Victorian Homebuyer Fund which can help customers into their home sooner and could potentially save them thousands,” said Michael Baumann, CBA EGM home buying.
To date, the fund has helped more than 2,000 Victorians achieve their homeownership dreams, with a further 1,000 applicants approved to start house-hunting. In October, the Victorian government committed a further $1.1 billion to support a further 7,000 Victorians into their new homes.
“We want to support buyers right across the country, and the Victorian Homebuyer Fund is yet another way we can help Australians navigate the current environment to secure a home and invest in their future,” Baumann said.
CBA was also providing customers with real value and benefits beyond the home loan, to further help them manage ongoing cost-of-living pressures, Baumann said.
“In partnership with More Telecom, we have extended our offer of a free nbn plan for three years by six months, meaning conditionally approved home loan customers who settle a home loan of at least $250,000 with CBA by June 30, 2023 can access the offer,” he said. “The 36-month nbn plan could save eligible homeowners who maintain their home loan with us for three years over $2,700.”
Have something to say about this story? Let us know in the comments below.
