Nicholas Ryan, of Sunshine, was bailed at the Ballarat Magistrates' Court on Thursday after he showed exceptional circumstances why he should be bailed.

Ryan and co-accused Michael Dawson, Trewin Gow and Matthew McLean were each charged with aggravated home invasion after the December 19 incident.

Police informant Detective Senior Constable Steve Campbell said the men attended the Mount Clear house at 11pm and forced their way inside after the owner heard knocking and opened the front door.

He said one of the accused, Dawson, grabbed the victim's car keys, ran out of the front door and got into the victim's black Nissan Navara.

A struggle allegedly occurred between Dawson and the victim as the latter retrieved the keys, but another fight started inside the house after the victim went back inside.

Detective Senior Constable Campbell said co-accused Gow and a male believed to be Dawson used beer bottles and their hands to strike the victim.

He said during the assault, one of the co-accused yelled to another co-accused to get the car keys off the victim. The victim's friend arrived at the house as the victim heard his vehicle being driven away.

Police allege the men led police on an 18-minute chase in the victim's vehicle, reaching speeds of 120km/h.

The police informant said the men were throwing screws and nails out of the windows to try and derail police officers as they travelled behind them. He said the group was arrested after the vehicle crashed into rubbish bins in Sebastopol.

Detective Senior Constable Campbell said Gow lunged at a police officer and punched him to the body, saying he had a knife and would stab him repeatedly. During a daylight search, police located a knife.

The victim was taken to a Ballarat hospital after the incident.

During Ryan's bail application, defence barrister Jennifer McGarvie put to the prosecution her client was at the address but he did not participate in the home invasion, the co-accused told him to get into the stolen vehicle and he did not try to flee police arrest.

Detective Senior Constable said the four men went to the address for a common purpose and left in the victim's vehicle. The prosecution opposed bail but did not allege Ryan was an unacceptable risk to the community.

Ms McGarvie said Ryan had stable accommodation with his grandmother at Sunshine and he had strong family support.

Magistrate Leonard Brear granted Ryan bail with conditions he report twice a week to the Sunshine Police Station, live at a stable address, not to use drugs and not to contact the co-accused.

He said in granting bail, he had regard to the bail conditions, Ryan's lack of criminal history and his family support.

"The court notes, also, your co-operation with police and your less serious involvement with others in this frightening experience for the victim," Mr Brear said.

Ryan spent 35 days in custody before he was released on Wednesday, while Gow, McLean and Dawson remain in custody. They will front a committal mention on March 19.

Have you signed up to The Courier's variety of news emails? You can register below and make sure you are up to date with everything that's happening in Ballarat.