Council partnership supporting affordable home ownership in Whitehorse

As rental and mortgage costs continue to rise, Council recognises the importance of affordable housing and supporting our community of diverse backgrounds and incomes.

One way Council can assist in increasing the supply of affordable housing is by facilitating contributions from private sector developers through planning negotiations. In 2021, Council received a $1.5 million affordable housing contribution from a local developer. As a result of receiving the funds, Council entered into an agreement with National Affordable Housing Victoria to implement ‘BuyAssist’ in Whitehorse, which is the organisation’s innovative affordable home ownership program.

BuyAssist applies these funds as a shared equity contribution, supporting ten households in buying their own home in the municipality without requiring a deposit. The equity contribution comprises up to 30 per cent of the cost of the home, meaning households only need to borrow up to 70 per cent from a BuyAssist bank lender. There is no interest charged on the equity contribution and the household is solely named on the title, meaning they can enjoy all the benefits of homeownership. If the household eventually decides to sell their home or refinance their mortgage, they are required to repay the equity contribution, meaning that BuyAssist can repurpose those funds to help another Whitehorse household achieve homeownership.

Through this Council-facilitated program, BuyAssist has already supported one new homeowner in securing their first home in Box Hill late last year. Your household could be next; visit buyassistaustralia.com.au or call 1300 652 177 to find out if your household is eligible. BuyAssist currently has access to apartments in four new developments in Whitehorse.

Council undertakes several roles to help increase the supply of affordable housing and we are currently working through community feedback on our Draft Affordable Housing Policy. We will continue to facilitate contributions from developers, as well as advocate to the state government to increase the number of social housing opportunities across Whitehorse and work with community housing organisations to facilitate quality new supply.

L More information: yoursay.whitehorse.vic.gov.au/affordable-housing-policy

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