Partnership helps over 7,600 Victorians buy homes with low deposits and shared equity support
More than 5,000 home purchases have been completed under the Victorian Homebuyer Fund, a shared equity initiative supported by Bendigo Bank and the Victorian government.
The scheme, introduced in October 2021, enables eligible buyers to purchase a home with a deposit as low as 5%, with the government contributing up to 25% towards the property price in return for an equity stake.
Bendigo Bank, one of the scheme’s participating lenders, has reported that over 7,600 customers have now entered the housing market through this pathway, including many who applied with a co-borrower.
Taso Corolis (pictured above), chief customer officer of consumer banking at Bendigo Bank, said housing affordability remains a significant hurdle, particularly for younger Australians.
“The Victorian Homebuyer Fund is addressing this by helping a significant number of aspiring homeowners buy their first home sooner,” he said. “We’re proud to reach this important milestone of 5,000 settlements under the scheme, putting home ownership in reach for more than 7,600 customers, thousands of whom are purchasing with a co-applicant.”
According to figures provided by Bendigo Bank, the average age of single applicants under the fund is 35.7 years. For couples, the average ages are 37.6 and 36.2. Incomes for these applicants are typically below $73,000 for singles and around $70,000 per person for couples.
The suburbs most frequently chosen by participants include Croydon, Frankston, Pakenham, Point Cook, Reservoir and Werribee — areas that continue to attract first-time buyers seeking affordability within commuting distance to central Melbourne.
“Bendigo Bank thanks the Victorian government for this opportunity to help Victorian singles and families realise their dream of homeownership sooner,” Corolis said.
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