What is Victoria’s Affordable Housing Rental Scheme? Everything you need to know
With rising home loan interest rates and costs of living on everyone’s mind, there may be relief on the horizon. This month, the Victorian government announced plans for an Affordable Housing Rental Scheme aimed at closing the housing gap and alleviating rental stress.
As part of their $5.3 billion Big Housing Build, the scheme will deliver an initial supply of 2,400 affordable rental homes to metropolitan Melbourne and regional city centres. Special provisions have also been included for essential workers, like nurses, police, and teachers.
This scheme represents a part of the Victorian government’s larger commitment to improving access to modern, affordable, high quality, and conveniently-located homes in Victorian cities. It will come as a welcome but sorely needed relief to the current Australian housing crisis.Let’s unpack everything you need to know about the new scheme, and how Victorians might be able to access affordable housing in the future.
RELATED: Housing value drops in Sydney and Melbourne in early 2022, says CoreLogic
How will the Victorian rental scheme work, and who is eligible
The Victorian rental scheme will allow eligible low to moderate income Victorians, especially essential workers, to apply for fixed-term rental agreements of at least 2 years. Eligible households on the Victorian Housing Register will also have the chance to apply for any relevant rental properties.
Rents in regional Victoria will be capped at median market rental prices under the program, with the same 30% income protection cap as the capital city.
The program will also encourage investors, such as superannuation funds, to make affordable rental properties available through either construction or purchase.
Properties in the program will be managed by Homes Victoria, with a target 2,400 tenancies managed by specialised rental tenancy managers.How will the Victorian rental scheme work, and who is eligible?
Who is eligible for the Victorian Affordable Housing Rental scheme?
Applicants will be required to provide proof of income that meets the thresholds listed in the table below. Rents will be set based on location/number of bedrooms. In Melbourne, rental prices will be set at least 10% below the market average of that area, with an additional protection cap set to 30% of a median household income. That way, applicants can rest assured they’d be paying more affordable prices.
Eligible income thresholds:
| Region | Single | Couple | Family |
| Melbourne | Up to $62,860 | Up to $94,300 | Up to $132,030 |
| Regional Victoria | Up to $45,820 | Up to $68,730 | Up to $96,220 |
When will the scheme start?
The Victorian government expects the first affordable rental properties to be available in regional Victoria and metropolitan Melbourne from late 2022. Specifically, they will be in:
- Ascot Vale
- Ashburton
- Heidelberg
- Greater Geelong
- Ballarat
- Bendigo.
More properties will be added to the scheme over 2023-25, with the majority available by 2025.
How do applicants apply?
Once the program is up and running, properties will be advertised online based on availability. Listings will include information about the application process and program.
For more information about the program, email affordable@homes.vic.gov.au.
Why a rental housing affordability scheme is desperately needed in Victoria
According to the Real Estate Institute of Victoria (REIV), the median sale price for a home in metropolitan Melbourne is currently a cool $1.12 million. Meanwhile, prices in regional Victoria have become piping hot, with a median surge of 27% last year alone (the highest growth rate since 2002). This prices many Victorians out of home ownership, forcing them to become renters instead.
In fact, according to the Victorian government, more Victorians than ever are renters. This especially applies to essential workers. More than a quarter of surveyed households in the private rental market put more than 30% of their income towards paying rent; this is one of the key indicators of rental stress.
Economic disruptions due to the pandemic and successive lockdowns have further pushed up housing related costs, making affordable housing one of the most urgent issues in Victoria (and greater Australia) this year. The new scheme aims to reduce rental stress by improving access to affordable housing for Victorians.
RELATED: How big was the property boom? Australian house prices soar to record heights
Keen for more affordable housing news? Check out our family finances hub.
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If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
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- type of mortgage
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- Offset account
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Go to site- Interest rate
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6.06
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6.04
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6.07
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- Initial monthly repayment
-
$3,011
Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
6.04% p.a. (6.07% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
The $449 application fee is waived for <80% LVR Owner Occupier Principal and Interest loans.
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
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Neat Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- interest rate
-
6.09% p.a. (6.11% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$80,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site -
Flex Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.33
%
p.a.
- Initial monthly repayment
-
$3,027
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- interest rate
-
6.09% p.a. (6.33% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site -
Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
Go to site- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- interest rate
-
6.14% p.a. (6.16% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
Go to site- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- interest rate
-
6.14% p.a. (6.39% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
Waived annual fee for credit card added to the home loan.
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site
Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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