Bendigo Bank helps thousands of Victorians become homeowners through government scheme

Bendigo Bank has reported significant success in helping first-time homebuyers in Victoria through the Victorian Homebuyer Fund.

Key points:

• Over 5,500 customers have been assisted into affordable housing across Victoria.
• The bank has completed 4,000 settlements, making it one of the highest settling lenders under the scheme.
• Chief Customer Officer Richard Fennell urged potential homebuyers to consider the scheme, especially given recent eligibility changes.
• The bank has helped both regional and metropolitan-based Victorians access the housing market.
• Patrick Pretlove, a 23-year-old first-time homebuyer, praised the bank’s support during his application process.

Statistics from Bendigo Bank’s participation in the scheme include:

• Average age for single applicants: 36.2 years
• Average age for couples: 36.6 and 35.37 years
• Average salary for single applicants: $82,368
• Average salaries for couple applications: $81,041 and $51,522
• Top suburbs: Pakenham, Werribee, Tarneit, Reservoir, Croydon, Point Cook

The Victorian Homebuyer Fund provides a shared equity contribution of 25% towards property purchases, significantly reducing the loan amount required by buyers.

Fennell emphasized the scheme’s importance in helping Victorians overcome deposit-saving challenges in a high-price market.

Pretlove highlighted how the scheme allowed him to enter the property market sooner than he could have otherwise, describing it as a “great opportunity” in the face of rising living costs.

Bendigo Bank encourages potential homebuyers to explore the Victorian Homebuyer Fund as a pathway to homeownership, particularly given the current economic climate.