CommBank is the first major lender to offer home loans to buyers applying for the Victorian Homebuyer Fund.
The Victorian Homebuyer Fund is a shared equity scheme that was launched in October 2021 to help more home buyers break into the market sooner.
Under the scheme, the state is expected to shoulder up to 25% of the purchase price of the home loan in exchange for equivalent equity.
Participants have the option to buy back the government’s share in the property over time through savings, refinancing, or upon sale of the property.
With the inclusion of CommBank, the scheme is now available in four lenders, including Bank Australia, Bendigo Bank, and Indigenous Business Australia.
CommBank executive general manager for home buying Dr Michael Baumann said the bank will be able to help more first-home buyers through the scheme.
“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,” he said.
The Victorian government announced its plans to boost the fund by another $1.1bn to triple the amount of support available to potential homebuyers.
As of date, the scheme has helped more than 2,000 Victorians buy a home. The new investment is set to help a further 7,000 buyers.
“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,” Dr Baumann said.
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