UDIA Victoria Media Release
The Urban Development Institute of Australia, Victoria (UDIA Victoria) applauds today’s announcement by the Andrews Labor Government that it is extending its housing shared equity scheme, which will support Victorian homebuyers.
Participation in the scheme is limited to homes valued below $950,000 in Melbourne and Geelong and $600,000 in regional Victoria, while individuals must earn less than $128,000 (or $204,800 for joint applicants). Eligible participants will need to make a 5 per cent deposit, with the Victorian Government providing up to 25 per cent of the purchase price.
UDIA Victoria CEO, Matthew Kandelaars, welcomed the announcement as a way of supporting Victorian families to enter the housing market.
“We’re pleased that today’s announcement backs the call in our election platform to make Victoria the Homeowner State. With cost-of-living pressures and challenges on household budgets, this extension will ease one of the biggest barriers to entry for Victorian families looking to buy a home,” said Mr Kandelaars.
“We’ve called on all parties to prioritise home ownership and support the delivery of new homes, and today’s announcement will do just that.”
Mr Kandelaars also repeated UDIA Victoria’s calls for supply-side reforms that remain the key to unlocking housing affordability.
“The Reserve Bank of Australia is clear that housing supply is a key driver of affordability, and we look forward to further announcements throughout the campaign that focus on cutting red tape, unlocking land supply and reducing the tax burden on Victorian home buyers.”
MEDIA CONTACTS AND REQUESTS FOR INTERVIEW:
Matthew Kandelaars, UDIA Victoria CEO – 0416 443 555