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Victoria is launching a $500 million fund to get homebuyers into the market, in exchange for a share in the property.
– Most recipients of the Victorian Homebuyers Fund will need to have a 5 per cent deposit, with the government chipping in up to 25 per cent on top of that
– The government will keep that stake in the home until the property is sold or the owner buys out its share
However, the opposition has accused the government of giving with one hand and taking away with the other because of hikes in stamp duty and land tax
Treasurer Tim Pallas said the Victorian Homebuyers Fund (VHF) is expected to help about 3,000 residents buy a home.
The fund is an expansion of the $50 million HomesVic Shared Equity Initiative, which the government said helped more than 330 households into the market.