Thousands of first-time home buyers have got their feet firmly in the housing market, thanks to the Victorian Government’s Victorian Homebuyer Fund and Bendigo Bank.
The Bank has so far helped over 5500 customers into affordable and secure housing across Victoria, through a milestone 4000 settlements, making it one of the highest settling lenders under the Victorian Homebuyer Fund.
“Bendigo Bank has seen thousands of Victorian first home buyers and families buy their first homes thanks to the Victorian Homebuyer Fund. We congratulate the state government on providing this scheme and thank them for the opportunity to support even more home buyers,” Chief Customer Officer of Consumer Banking Richard Fennell said.
“With the new financial year in full swing, it’s a timely opportunity to spread the word the Victorian Homebuyer Fund might be the answer for Victorians trying to get their foot in the homeownership door, especially with the recent eligibility changes.
“With higher prices presenting challenges for many Victorians trying to save a deposit, we urge those currently in the market to get in touch with us at Bendigo Bank.
“We’ve helped over 5500 regional and metropolitan based Victorians into their homes so far under this scheme – through 4000 settlements, and we’re looking forward to helping many more over the course of the next 12 months,” Mr Fennell concluded.
Purchasing his first ever home in Hamlyn Heights in Geelong two years ago, 23-year-old Patrick Pretlove thanked Bendigo Bank for the support he received embarking on one of the biggest financial decisions he will ever make.
“Bendigo Bank were extremely supportive when I was going through my application process,” Mr Pretlove said.
“A special thanks has to go out to Meri Dimovska who was super responsive to the hundreds of questions I had and provided me with regular updates as my application progressed, which certainly put me at ease.”
Patrick says the Victorian Homebuyer Fund helped enormously when it came to getting into his first house sooner, saying he wouldn’t have been able to do it as quickly if he didn’t have the helping hand.
“By having the Government contribute a 25% shared equity contribution in the property, coupled with my deposit that I had saved, meant that the loan I had to take out was significantly reduced,” Mr Pretlove said.
Patrick said he was comfortable partnering with the government to acquire his first home, applauding the scheme’s unique approach to a broader issue.
“To be quite honest, I am fine about it and really don't think about it. It has given me a great opportunity to be able to purchase my first home, and I know there are ways for me in future to pay out the Victorian Government’s share of my property,” Mr Pretlove said.
“I think with the cost of living rising and things becoming a little tighter, it is a great scheme and opportunity to get into the property market.”
Bendigo Bank Victorian Homebuyer key figures:
- 4000 settlements since October 2021
- 5527 customers
- Average customer age for a single application: 36.2
- Average customer age for couple: 36.6 and 35.37
- Average customer salary for a single application: $82,368
- Average customer salary for a couple application: $81,041 and $51,522
- Top 6 suburbs: Pakenham, Werribee, Tarneit, Reservoir, Croydon, Point Cook
To learn more about the Bank’s participation in Shared Equity Schemes, and other housing initiatives across the country, please visit: https://www.bendigobank.com.au/personal/home-loans/government-support/
