More than 1100 Victorians have bought a home under the state Labor government's shared equity homebuyer fund in the past seven months.
Under the scheme launched in October last year, homebuyers need a five per cent deposit.
The government then puts in up to a quarter of the purchase price in exchange for an equivalent stake in the property, which owners can buy out over time.
The fund is open to people aged over 18 who don't have an existing interest in real estate and who meet income thresholds.
The value of the property can't be more than $950,000 in Melbourne and Geelong, or $600,000 in the rest of the state.
The government has so far invested more than $170 million in the scheme.
Among the 1100 new home owners are about 700 first home buyers, Victorian Treasurer Tim Pallas said in a statement on Wednesday.
The $500 million Homebuyer Fund is forecast to support 3000 Victorians into dwelling ownership over the life of the current scheme.
The state scheme is similar to federal Labor's election pledge for a 'Help to Buy' shared equity scheme covering 10,000 homes a year.
An Albanese government would provide an equity contribution of as much as 40 per cent of the purchase price of a new home and up to 30 per cent for an existing dwelling.
To qualify, individuals must earn less than $90,000 a year and couples a combined $120,000 a year and there will be caps on property values according to location.
Australian Associated Press
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