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Shared equity scheme launched for Victorian first home buyers

16 March 2018 |Appeals
  • $50 million Victorian Government shared equity pilot program.
  • Up to 400 low to moderate income earners set to enter the property market. 
  • Bendigo Bank selected as a lender of choice.

The Great Australian Dream of home ownership will now be in reach for many Victorian first home buyers, thanks to a $50 million shared equity pilot program launched by the Victorian Government today.

Bendigo Bank has been selected as a lender of choice by being appointed as one of only two Panel Financiers in the HomesVic scheme, which will assist up to 400 low to moderate income-earning Victorians to enter the property market.

Under the scheme, HomesVic will provide funding and take a proportional beneficial interest of up to 25 per cent in the property subject to successful applicants meeting eligibility criteria.

Bendigo Bank’s Managing Director, Mike Hirst said the scheme demonstrates the Bank’s commitment to home ownership for first home buyers.

"It can be difficult for first home buyers to get into the housing market," Mr Hirst said.

"Given the run up in property prices we have seen over the last few years as Victoria becomes a sought after place to live, often they may find it tough to save the deposit they need to purchase a property.

"We're pleased to partner with the Victorian Government to allow first homebuyers to enter the market sooner. Helping them to achieve their goal, while being part of creating the opportunity that this scheme will bring to future first homebuyers, is entirely in keeping with the role we believe banks should play in the economy," he said.

Eligibility criteria for the HomesVic scheme have been established by the Victorian Government.

An applicant must:

  • Be an Australian citizen or permanent resident
  • Be aged 18 years
  • Have been a Victorian resident for two years
  • Not have a gross taxable income (including salary sacrifice) of more than $75,000 per annum for a sole person, or $95,000 per annum for a multiple person household.
  • Have a minimum of 5 percent of the purchase price of the property in genuine savings
  • Be unrelated to the seller of the property being purchased
  • Use the property being purchased as the primary place of residence for the applicant(s)
  • Have no more than $10,000 in existing outstanding debt or credit limits.

Interested applicants can register an expression of interest from Monday 19 February 2017 and should contact us on 03 8414 7744 or visit the Bendigo Bank website to register their interest. Further information can be found on the HomesVic website.

Bendigo Bank’s participation in the HomesVic scheme follows a strong track record of delivering sustainable home equity schemes. The Bank’s purchase of approximately $1.35 billion of residential home loans from the Western Australian Keystart Housing Scheme Trust in September 2016 further demonstrates a commitment to assisting low to medium income Australians into home ownership.

Furthermore, the Bank’s joint venture, Homesafe Solutions, has supported senior homeowners in Melbourne and Sydney since 2005 to access the equity in their homes without going into debt, offering a lump sum payment in return for an agreed percentage share of the future sale proceeds of their home.

About Bendigo Bank

Bendigo Bank is the retail arm of Bendigo and Adelaide Bank, Australia’s fifth largest retail bank. Our well-established geographic footprint provides full banking services via 650 service outlets across Australia, and our strong network of mobile relationship managers, and 24/7 phone and banking support, ensures we deliver personalised, immediate and convenient services when and where our customers need us.

Bendigo Bank has received a number of awards and accolades recently, including:

  • Rated #1 bank in the Mozo People’s Choice Award 2017
  • Most satisfied customers, according to Roy Morgan research
  • Top Australian company in the FORTUNE 2017 Annual "Change the World" List of Companies That Are Doing Well By Doing Good
  • Named Australia’s best non-major business bank in the 2017 RFI Group Australian Business Banking Awards
  • Asiamoney Best Bank Awards for Best Domestic Bank and Best Bank for Corporate Social Responsibility.

To find out more about Bendigo Bank, watch the 'Be the Change' (short videos) How Bendigo Bank gives back.

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