Victoria will adopt the Commonwealth Help to Buy Act 2024, enabling the federal government’s shared equity housing scheme to operate in the state

Victoria will refer necessary legislative powers to the Commonwealth Parliament, allowing future modifications to the Help to Buy scheme to be made at the federal level

Victoria’s Homebuyer Fund will be replaced by the federal Help to Buy scheme, which is expected to support approximately 10,000 low- to middle-income homebuyers over four years.

the Commonwealth will contribute up to 40% of the purchase price for new homes (and 30% for existing homes) under Help to Buy—a higher share than the Victorian fund, and the minimum deposit requirement will be 2% instead of Victoria’s 5%.

Consequential amendments will be made to various Victorian laws (e.g. Duties Act 2000, First Home Owner Grant Act 2000, Land Tax Act 2005) to ensure smooth integration with the Help to Buy scheme

Victoria will retain the right to terminate its participation in the federal Help to Buy scheme if desired, without affecting existing arrangements. Additionally, the Victorian Minister may object to certain Commonwealth regulations.