First home buyer Victoria: guide to FHOG and more

First home buyer concessions in Victoria: everything you need to know

- among the highest in the nation. In Melbourne, which consistently ranks among the most livable cities in the world, the median increases to nearly $1 million.

With these prices, it takes almost 14 years for first home buyers to save a 20% deposit, according to

State and federal governments offer several concessions to help first home buyers with rising property costs. Here’s everything you need to know about first home buyer concessions in Victoria.

Victoria's first home buyer grants and concessions include the following:

  • A $10,000 First Home Owner Grant when building a new home valued under $750k
  • Stamp duty exemptions for properties valued less than $600k
  • Concessional stamp duty rates on properties valued at $600-750k
  • Access to shared equity and 5% deposits through the Victorian Homebuyers Fund (VHF)
  • Federal schemes, including the Home Guarantee Scheme, Help to Buy, and First Home Super Saver Scheme (FHSSS)

Victoria FHOG (First Home Owner Grant)

In VIC, a $10,000 FHOG is available when you buy or build a new home for the first time. The property’s contract price cannot exceed $750,000. Eligible recipients must meet the below criteria:

  • You and your partner/spouse must not have owned or part-owned a home in Australia before 1 July 2000
  • Be an Australian citizen/permanent resident aged 18 years and above.
  • You (or one applicant) must occupy the home as your Principle Place of Residence (PPR) for at least 12 months within 12 months of settlement/construction.
  • The home must not have been sold or occupied before, including for short-term occupancies like Airbnb.

    The Victoria First Home Owner Grant is a scheme co-funded by the Victorian and Federal governments designed to promote homeownership for first-home buyers.

    Australian Defence Force (ADF) members—including members of the Australian Army, Air Force, or Navy—are exempt from the occupancy requirements provided they are enrolled to vote in Victoria.

    A UNO broker will help determine your eligibility for the FHOG grant.

Victoria Stamp Duty Exemptions or Concessions

Victorian home buyers are eligible for stamp duty (duty) concessions or exemptions provided they bought their home after 1 July 2017.

Properties valued at less than $600,000 are eligible for a
The first home buyer duty concession is a rate based on the value of your property. The more expensive your property, the less discount you will receive.

first home buyer vicoria

To be eligible for an exemption/concession, purchases must meet the same criteria as the FHOG grant. However, the property does not need to be new.

Additionally, there is a duty discount for properties within the
(LGA) valued at up to $1 million. Contracts need to have been entered between 2021-2022.

Victorian Homebuyer Fund Shared Equity Scheme

The Victorian Homebuyers Fund (VHF) is a shared equity scheme where the Victorian Government contributes to the cost of a property in exchange for a stake in it.

Eligible individuals must have a single or combined income below $208k and $130k, respectively. Assess your

Under the scheme, the government will buy a share of up to 25% in your property provided you have a genuine savings deposit of at least 5%.

No interest is payable on the government’s share, but they will take a percentage of the profits when you sell it. You can pay back the government’s share in the property over time.

Regional First Home Owner Grant / FHOG

The regional FHOG was a $20,000 grant for first home buyers who purchased a property in regional Victori between July 2017 and 2021. It ended in 2021.

A step-by-step guide to buying your first home in Victoria

  1. Get a borrowing power estimate when you sign up to UNO here
  2. Find the best deal - A UNO broker can help you compare rates from over 20 lenders to find the best deal.
  3. Seek pre-approval - Submit documents, including payslips, for pre-approval.
  4. Search for a property - Look for the perfect property within your budget. UNO has recently partnered with property platform Abodable to offer customers up to $51,000 cash back when purchasing a new home*.
  5. Make an offer on your property and settle within 45 days.

Federal first home buyer schemes

  • First Home Super Saver Scheme - Using up to $50,000 in voluntary superannuation contributions towards a deposit for your first home.
  • The Home Guarantee Scheme - Government support for individuals, including single parents and rural citizens, to buy a home with a deposit as low as 2-5%.
  • - FHOG up to $20,000 are states and territories Australia-wide.

    Thinking about buying your first home? Talk to a UNO broker today.

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October 26, 2023
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