The new HomesVic scheme will assist up to 400 first-home buyers meet the criteria to be eligible to enter the housing market by reducing the amount they need to snare a property.
Government land-use regulations and zoning rules are costing homebuyers in Melbourne $324,000 on an average property.
The Commonwealth Bank has issued a round of interest-only rate cuts and the other major lenders are expected to follow suit.
In its policy statement for March released yesterday, the RBA look set to stick with the current rate of 1.5 per cent for some time yet as it feels a little less confident about the economic outlook for the rest of the year.
The first Super Saturday of the year returned auction clearance rates above 70 per cent in both Melbourne and Sydney.