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.
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
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