Several grants and assistance programs are available in Victoria to support home buyers, particularly first-time purchasers. Here’s an overview of the key initiatives:
First Home Owner Grant (FHOG)
Eligible first-time home buyers in Victoria can receive a one-off payment of $10,000 when purchasing or building a new home valued up to $750,000. Established homes are no longer eligible for FHOG. However, if you are buying an established home as your first home and you meet the FHOG eligibility criteria (except for the fact it is not a new home), you may be entitled to a first-home buyer duty exemption (for homes valued at $600,000 or less) or concession (for homes valued at $600,001 up to $750,000).
Victorian Homebuyer Fund
The Victorian Homebuyer Fund is a shared equity scheme, making it easier for Victorians to enter home ownership.
If you have a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property. This will save you money by reducing your mortgage and removing the need for Lenders Mortgage Insurance.
Participants are required to buy back the government’s share in their property over time through refinancing, using savings, or upon sale of the property. The Victorian Government does not charge interest on its investment in participants’ homes, but shares in any capital gains or losses proportionate to its share in the property.
First-Home Buyers Stamp Duty
Victoria offers stamp duty relief for eligible first-home buyers. For properties valued up to $600,000, first-home buyers may be exempt from paying stamp duty. A concession rate, which gradually reduces, applies to properties valued between $600,001 and $750,000, after which no concession is available. For accurate calculations or assistance, it is recommended to use the Victorian State Revenue Office’s stamp duty calculator or consult with a professional.
Note: Limited places may be available for home buyer grants, and additional grants may be accessible. The information provided is sourced from the State Revenue Office Victoria website (as of 07/01/2025) and offers a general overview of what may be available to eligible home buyers. It is essential to conduct your own research and seek professional advice before making any decisions regarding your home-buying journey. For more information, visit: https://www.sro.vic.gov.au