With home ownership considered one of the key gateways to financial independence, the significant disparity between the rates of owning a home for Indigenous Victorians compared to non-Indigenous Victorians is stark.

The Victorian Aboriginal Housing and Homelessness Framework, Mana-na woorn-tyeen maar-takoort, found only 43 per cent of Victorian Aboriginal households own or are purchasing their own home, compared to over 68 per cent of non-Aboriginal Victorian households.

But several options, like shared-equity schemes, are looking at making home ownership more of a reality, especially during a cost-of-living crisis that has made even everyday items increasingly inaccessible for large sections of the population.

Dylan, a young Yuin man, was able to purchase an apartment through the shared-equity Victorian Homebuyer Fund (VHF), where the state government makes a financial contribution to the purchase of a household in exchange for an equity share in the property.

"I wouldn't have been able to buy my apartment if it wasn't for the VHF," he said.

"Being able to have that the lower deposit really made it able to get in. I would have had to be saving for many, many more years if I could ever afford it."

Financially, Dylan said the shared equity scheme enabled him to purchase a home and save money on future rent, which he has now put towards paying for his University education.

"I've been able to save up money that I would have been spending on extra rent or extra mortgage," he said.

"I'm now just starting an MBA with Monash, and I'm able to pay for that at least the first year out of pocket."

On shared-equity schemes, he is clear: "I think it's thinking outside of the box and allowing us to have that advantage, because we've been dispossessed of that advantage for quite some time to help build wealth."

"Being able to put my foot in the door and start to build that wealth that my family has been without the opportunity to do so because of colonisation is important, and I think it's important on policy makers to be looking at those solutions and working with community to make sure that is fit for purpose," he said.

Combining self-determination with government levers has led to the Aboriginal Housing and Homelessness Forum (AHHF) launching a calculator to "demystify" the shared-equity process.

Part of its sub-site, the Aboriginal Home Ownership Hub, the Shared Equity Mortgage Calculator is a new initiative by the AHHF to progress home ownership outcomes for First Nations Victorians.

It breaks down the co-contribution model for potential homebuyers, demonstrating borrowing potential, and giving a clear, concise view of what might be affordable for households.

"Alongside strong policy commitments and reform at all levels of government, we also need practical tools and resources like the Aboriginal Home Ownership Hub, and its Shared Equity Calculator, as we work towards a future where Aboriginal people across the state can enjoy the benefits of owning their own home," chair of the AHHF in Victoria, and chief executive of Aboriginal Housing Victoria, Darren Smith, said.

Mr Smith told National Indigenous Times Aboriginal Victorians deserve the same opportunities to own a home as non-Indigenous people, "But, for too long, the path to home ownership has been exclusionary and out of reach".

"Home ownership is more than just having a roof over your head – it's about stability, security, generational wealth, and a self-determined future," he said.

For Dylan, his purchase was a lot more than buying an apartment. It was the chance to build a home.

"Mentally, it's given me stability," he said.

"When I was renting, having to move every year…[it] was a lot to handle. But being able to decorate the place the way that I want it - I've put up wallpaper, I've put down Astro turf, I've got vines hanging from the ceilings now - [things] I could never do when I was a renter."

Now on the owner's corporation of his building, Dylan is wanting to ensure there is Aboriginal representation in decision making, something he says can't happen if more Aboriginal people are unable to get into the housing market.

"I wouldn't have had the opportunity to be on the owner's Corporation if I didn't have the opportunity to buy my apartment," he said.

"And I think that says a lot about the kinds of people that are able to buy into property are the kinds of people that sit on owner's corps and other decision-making bodies."

The Shared Equity Mortgage Calculator can be found online.