First home buyers who are eligible for the HomesVic Shared Equity Scheme are now able to purchase their dream home in Altona North’s Alfie development with as little as a 5 per cent deposit.
The Alfie residential project is being delivered by Development Victoria, a state government authority tasked with providing affordable and diverse housing options for Victorians through a range of projects across Melbourne and regional Victoria.
In line with its commitment to provide affordable housing, Development Victoria has received approval for inclusion of the Alfie project in the Andrews Labor Government’s Shared Equity Scheme, which is designed to make home ownership more affordable by reducing the amount of money required to secure a home.
While typical shared equity models see private investors or not-for-profit organisations providing up to 25 per cent of a property’s purchase price in the form of a deposit, the HomesVic scheme allows the Government to take on this role, in exchange for a proportional beneficial interest.
Since its establishment in February 2018, 247 homes have been purchased using this model, and up to 400 aspiring first home buyers on low to moderate incomes will be able to access this assistance throughout the life of the scheme.
The Alfie homes that will be available for purchase using the HomesVic Shared Equity model include a range of two-bedroom townhouses in the established streets of Altona North’s newest housing development.
Homes throughout the estate place a strong emphasis on design and materials, with landscaping and parks which encourage residents to engage with the community’s open spaces.
As stated by Minister for Priority Precincts Gavin Jennings
“This a terrific initiative that provides the opportunity for first home buyers who might otherwise be excluded to purchase a new home in an established community.”
As stated by Treasurer Tim Pallas
“We know how tough it can be for first home buyers to enter the market – that’s why we’re doing what we can to give more Victorian families an extra helping hand with the HomesVic Shared Equity Scheme.”
As stated by Member for Altona Jill Hennessy
“As the population in our booming west grows, we’re getting on with the job of providing high quality, affordable housing options to meet the growing and diverse needs of this community.”