Victorian Homebuyer Fund to end as Bendigo Bank reports strong demand

The initiative has been utilised by first home buyers across the state, getting more people into home ownership since being established in October 2021.

According to recent statistics from Bendigo Bank, 7,681 customers have utilised the incentive and there have been 5,000 settlements since its inception.

“Housing affordability is a major challenge, especially for our young people,” said Bendigo Bank’s chief customer officer of consumer banking Taso Corolis.

“The Victorian Homebuyer Fund is addressing this by helping a significant number of aspiring homeowners buy their first home sooner.”

The average income for a single applicant is $72,852. For couples, it was $71,501 and $69,100. The average customer age for a single application was 35.7 years old, while for couples, it was 37.6 and 36.2.

The most popular Melbourne suburbs for purchasing a first property through Bendigo Bank were:

• Croydon
• Frankston
• Pakenham
• Point Cook
• Reservoir
• Werribee

“Bendigo Bank thanks the Victorian Government for this opportunity to help Victorian singles and famililes realise their dream of home ownership sooner,” said Corolis.

Fund set to end

With the introduction of the federal government’s Help to Buy scheme, the Victorian Homebuyer Fund is being phased out.

The state government has announced that it will be discontinued on 30 June 2025.

While the income cap for Help to Buy is lower than the Victorian Homebuyer Fund, those eligible can access a 2 per cent deposit with no LMI, rather than 5 per cent.

Help to Buy recently had its income caps raised from $90,000 to $100,000 for single applicants and $120,000 to $160,000 for joint applicants or single parents.

Additionally, the government said that property price caps will also be lifted and tied to the average house prices across the states and territories (not dwelling prices).

In order to support the expansion, the Albanese government announced a further $800 million to the Help to Buy program, increasing its equity investment from $5.5 billion to $6.3 billion.

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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