According to the Australian real estate website Domain: The Victorian government officially launchedHome Vic plan, The government repays as much as 1/4 of the mortgage for first-time home buyers, in order to reduce the burden on Melburnians who cannot afford a house!

The Victorian government will help you repay your mortgage

According to news from the Australian real estate website Domain, the Victorian government officially launched the Homes Vic plan. The main content of this plan is that the government will spend a total of A$5000 million to purchase a house together with 400 first home buyers and repay the loan (up to 1/4 Mortgage) to help Melburnians who can’t afford a house to reduce their burden!

What is the Homes Vic plan?

This is a joint purchase of homes by the Victorian government and first home buyers, of which the government accounts for 25% (or 1/4) of the purchase plan.

When repaying the mortgage every month, the government will also be responsible for repaying a quarter of it.

When the property is sold, the government will also recover a quarter of its share.

For example:

Laura works as a part-time teacher at the school, with an annual salary of about $50,000.

If Laura wants to buy a house worth $350,000, according to the 20% down payment requirement, she needs to pay a down payment of $70,000, and then apply for a mortgage of $280,000.

But with the help of the Homes Vic plan, the government helped her pay 1/4 of that, which is $87,500. Laura only needs to pay a 5% deposit (ie $17,500) and a loan of $245,000!

Homes Vic plan details

At present, the beneficiaries of the Homes Vic plan are 400 low- and middle-income households or families who are home buyers in Victoria.

Applicants must meet:

1. Must be a first time home buyer;

2. The annual salary of single home buyers does not exceed $75,000 or the total annual salary of both partners does not exceed $95,000;

3. Applicants must buy houses in the designated 85 Melbourne suburbs, 7 remote towns and 130 remote areas (Apartments, townhouses, single-family houses, second-hand or new houses);

4. Applicants cannot have loans exceeding $10,000 at the time of application.

Example:A has a credit card with a limit of more than $10,000, but he only spent $2,000 and cannot apply for Homes Vic unless you ask the bank to reduce your limit to $10,000 or less.

The designated areas include:

The designated Melbourne suburbs include the Chinese area Box Hill, Broadmeadows, Dandenong, Epping, Fishermen's Bend, Footscray, Fountain Gate, Frankston, LaTrobe, Monash (Monash University), Pakenham, Parkville (Melbourne University), Ringwood, Sunshine and Werribee.

The designated remote areas include Ballarat, Bendigo, Castlemaine, Geelong (Deakin University), La Trobe, Mildura, Seymour, Shepparton, Wangaratta, Warrnambool and Wodonga.

Although 400 places are currently limited, according to housing research experts at the University of MelbourneDr. Katrina RaynorIt was revealed that this number will expand in the future.

How to apply for the Homes Vic program?

The formal plan will be implemented in February this year, and the application will be opened in mid-February.

Those who meet the requirements can see how to apply below :

1. Apply for a conditional loan from the lender. After the lender approves your loan, they will submit your application to the Homes Vic team.

2. Homes Vic review and assignment

The Homes Vic team will review your application. Once the application is approved, they will arrange the funds for you to buy a house in the designated area, and will notify you and your lending agency.

3. Homes Vic briefing

Before buying a house, the Homes Vic team will ask you to participate in a briefing.

4. Find a room

At this step, you can inspect the house in the designated area.

5. Buying a house

After viewing the house, you can buy a house together with the government after obtaining the approval of the lending institution and the government. But you still need to pay the 5% deposit.

The selling agency is responsible for notifying the lending agency and the Homes Vic team that the house has been successfully purchased so that the settlement can be completed.

What do you need to do now?

Since Homes Vic plans to open applications in mid-February, what can you do now?

Sign up now Register Your Interest!

Registration URL:

https://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/homesvic/what-can-i-do-now.html

The registration form is as follows:

After simply filling in your personal information, click "Submit".

To be careful of,Signing up does not mean "reserving a seat", you still need to apply for a seat at that time! So what is the use of signing up? Er, according to the editor, it is better to report than not to report.

Will Homes Vic affect the stamp duty exemption?

Starting from July 2017, 7, the government has implemented a stamp duty exemption or exemption policy for first home buyers.

So the question is, will the Homes Vic plan affect the stamp duty policy?After all, there will definitely be overlapping applicants.

Here to tell you very seriously,Will not affect! The stamp duty exemption/reduction can still be exempted/reduced, and at the same time, it can also buy a house with the government!

First-time home buyers in Victoria are so happy!

1. First time home buyers exemption/reduction of stamp duty:

As long as you buy a house under $600,000 for the first time, you can get stamp duty exemption;

Or buy a house in the range of $600,000~$750,000 to get stamp duty reduction.

2. Apply for Homes Vic and let the government help you repay 1/4 of your mortgage

See above for details.

3. First home ownership subsidy:

There is also a first home purchase subsidy: a subsidy of $10,000 in Melbourne and a subsidy of $20,000 in other parts of Victoria (must be a new house).

Are you very moved to see here? The most livable city in the world, the government actually subsidizes 25% of the purchase price! In fact, the local Melbourne government has always been very generous in terms of welfare! Distribute all kinds of small money at will! In addition to buying a house, there are the following!

1.Childcare subsidy reform

Yes, the childcare subsidy policy has changed in the new year!

originalChild Care Benefit(CCB is related to family income. The family income of one child does not exceed $1/The family income of two children does not exceed $149,597, and the maximum allowance is $155,013 per hour) andChild Care Rebate (CCR)Will be byChild Care SubsidyInstead, it will be implemented from July 7 this year.

The new childcare policy puts more emphasis on supporting low- and middle-income families. What specifically can it save for everyone?

A. The process is more simplified, from the original indirect change to directly injecting the subsidy into the account of the beneficiary family,provinceIntermediate fee; B. Family income less than $65,000 can be covered85%Subsidies for childcare expenses;

C. The annual family income is less than $185,000,Completely remove the subsidy ceiling;

D. If the family's annual income is higher than $185,000, the maximum subsidy per child per fiscal yearIncrease from $7500 to $10,000

If you want to know whether your family can get the subsidy and how much subsidy it can get, use the following website to check:

https://www.education.gov.au/sites/education/files/chcare/est/index.html

2.High temperature subsidy

In order to reduce the pressure on substations, United Energy gave volunteers participating in the "Blackout Subsidy" program$25/day subsidy!

Consumers will receive SMS notifications in extreme high temperature weather (over 35 degrees), inviting them to participate in the "power outage subsidy" program (power outage for 3 hours).The maximum amount of subsidy can even reach 100 Australian dollars

3.Patient travel allowance

If you live in a remote area of ​​Victoria and need to travel long distances to other places to see a doctor, don't worry about travel and accommodation expenses, because the government can help you cover! And this year’s subsidies have increased:

  • The travel subsidy per kilometer increased from $0.20 to $0.21
  • The accommodation fee increased from a subsidy of $41 per person per night to $45
4.Local student subsidy

On January 2018 or April 1, 29 (respectively the first day of the two semesters), if the student’s parent or guardian has any of: Veterans Affairs Gold Card, Centrelink Health Care Card, or Pensioner Concession Card ;

Or children 16 years old or older who have a valid concession card, can apply for the following subsidies (used for camping, sports, hiking):

  • $125/year per elementary school student
  • $225/year per middle school student
5.Subsidies for international student clubs

In order to support healthy club activities for international students in Victoria, government subsidies this year include:

A. Subsidies for international student associationsProvide subsidies of up to $5,000 to qualified international student groups to help them carry out various activities;

B. Partner/organization subsidies

Provide subsidies of up to $2 to qualified international student organizations with 75,000 or more people

6.Small business subsidy

In order to encourage and help small businesses in Victoria, the government has launched the Victorian Business Voucher. Qualified applicants will receive:

A. Up to $50,000 subsidy under the Advanced Victorian Manufacturing Stream project; B. Up to $50,000 subsidy under the Asia Gateway Stream project;

C. Up to $50,000 subsidy under the Food Innovation Stream project;

D. The initial subsidy for feasibility and testing vouchers is up to $10,000;

E. Up to $25,000 subsidy under the Social Enterprise Capability Stream project

If you want to know if you are eligible to apply, just visit the following website:

http://www.business.vic.gov.au/support-for-your-business/grants-and-assistance/Boost-Your-Business

7.Other subsidies

A. The subsidy for young people will increase by 4.60 Australian dollars every two weeks;

B. The subsidy for students will increase by AUD 8.3 every two weeks;

C. The subsidy for disabled persons will increase by 7 Australian dollars every two weeks;

D. The allowance for caregivers will increase by A$2.40 every two weeks.

After reading this article, there should be a large wave of buyers already on the way to apply, and a large wave of people preparing to immigrate to Melbourne.

News compiled from "Domain"

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