At the start of the year, we shared a blog post outlining the support available to Victorian home buyers. Now, with the new financial year underway, we thought it would be a good time to revisit what the Government has on offer.
First Home Owner Grant
If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant of $10,000. The home must not have been previously sold or occupied.
First Home Guarantee
The First Home Guarantee supports first home buyers who have saved a minimum deposit of 5% of the property value, and meet other eligibility criteria, to buy a home. Housing Australia provides a Guarantee to the Participating Lender to enable you to borrow up to 95% of the Property Value. Income and property price caps apply.
Stamp Duty Exemptions and Concessions
The first home buyer duty exemption or concession may be available if your home has a value of: $600,000 or less to receive the first home buyer duty exemption, or $600,001 to $750,000 to receive the first home buyer duty concession.
Unlike the First Home Owner Grant, it doesn’t matter whether you buy a new or established home. The exemption or concession is also available for vacant land.
Off-The-Plan Properties
The Victorian Government has extended its stamp duty concession policy for off-the-plan properties for eligible buyers. Buying a home before any building works have started is commonly known as buying off the plan. This initiative offers substantial stamp duty savings and is not available to investors.
Victorian Homebuyer Fund (Short-Term Extension)
The Victorian Homebuyer Fund was initially set to close to new applicants last financial year. However, the Victorian Government has announced a short-term extension of the fund. It 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, but shares in any capital gains or losses proportionate to its share in the property. Income and property price caps apply.
After this, Victorians will transition to the Federal Help to Buy shared equity scheme.
Help to Buy Scheme (Federal)
The Help to Buy shared equity scheme will be administered by Housing Australia. Further details about the scheme, including the exact start date in Victoria, are expected later in 2025.
This information has been prepared as a general guide only, based on research conducted in our office. Government programs and eligibility criteria can change, and individual circumstances vary. We recommend doing your own research and speaking with a qualified professional (such as a mortgage broker, financial adviser, or conveyancer) before making any major decisions.
Created 14th July 2025. For the most up-to-date information, visit www.sro.vic.gov.au or www.housingaustralia.gov.au.