Victoria’s First Home Buyer Benefits – What’s on Offer

Buying your first home in Victoria can feel overwhelming, but the good news is the Victorian Government offers several programs to make the process easier—and more affordable. Here’s a breakdown of the main support options available, along with their eligibility criteria, so you can see exactly what you might be entitled to.

1. First Home Owner Grant (FHOG)

The FHOG is a one-off payment to help you buy or build your first home.

What you could get:

• $10,000 for new homes in metropolitan areas.

• $20,000 for new homes in regional Victoria.

Property value cap:

• The home must be valued at $750,000 or less.

Eligibility:

• You (and your partner, if applicable) must be at least 18 years old.

• Must be an Australian citizen or permanent resident.

• You and your spouse/partner must never have owned a residential property in Australia.

• The home must be new (never lived in) or substantially renovated.

• You must live in the home as your principal place of residence for at least 12 months within 12 months of settlement or construction completion.

2. Stamp Duty Help (First Home Buyer Duty Exemption or Concession)

What you could get:

• No stamp duty for first homes valued at $600,000 or less.

• Concessional rates for homes valued between $600,001 and $750,000.

Off-the-plan concession:

• Available for certain purchases where the home is not yet built.

• Dutiable value is calculated based on the land value plus construction costs to date, which can result in significant savings.

Eligibility:

• You must qualify as a first home buyer (same criteria as FHOG).

• Property must be your principal place of residence.

• Applies to both new and established homes.

3. Victorian Homebuyer Fund (Shared Equity Program)

The Victorian Homebuyer Fund is a shared equity scheme that reduces the amount you need for a deposit and lowers your home loan.

What you could get:

• The Victorian Government contributes up to 25% of the purchase price (or up to 35% for Aboriginal and Torres Strait Islander applicants) in exchange for an equivalent share in your property.

Deposit requirement:

• Minimum 5% (3.5% for Aboriginal or Torres Strait Islander applicants).

Property price caps:

• Metro Melbourne & Geelong: up to $950,000.

• Regional Victoria: up to $700,000.

Eligibility:

• Must be an Australian citizen or permanent resident aged 18+.

• Income limit: $140,000 for singles or $224,000 for couples/joint applicants.

• Must be buying an eligible property for use as your principal place of residence.

• You cannot own any other land or property (in Australia or overseas) at the time of purchase.

• Must meet ongoing obligations such as maintaining the property, paying rates, and repaying the government’s share when you sell, refinance, or make voluntary payments.

More Information: https://www.sro.vic.gov.au/first-home-owner