Government Incentives for First Home Buyers in Victoria

January 7, 2021

Right now in Victoria, there are new incentives available for first home buyers looking to enter the property market or move out of renting. These schemes are designed to make buying a home more achievable, particularly for those struggling to save a deposit.

In addition to government support, some builders and developers are also offering extra incentives, which can further reduce upfront costs.

There are a range of different grants and schemes available, each with specific eligibility requirements. Below is an overview of the key options available to first home buyers in Victoria and across Australia.

Victorian government support for first home buyers

First home owner grant

The First Home Owner Grant provides financial assistance to eligible buyers purchasing or building a new home.

$10,000 for eligible buyers in metropolitan Melbourne
$20,000 for eligible buyers in regional Victoria
Applies to new homes valued up to $750,000 (subject to eligibility criteria)

Stamp duty concessions

Stamp duty concessions are available to first home buyers, depending on the value of the property being purchased.

Full exemption for eligible properties under $600,000
Concessional rates apply for properties above this threshold

Federal government support for first home buyers

First home loan deposit scheme

This scheme allows eligible first home buyers to purchase a property with a deposit as low as 5%, subject to lender requirements and availability.

First home super saver scheme

This scheme allows you to save for your first home through your superannuation fund, which may provide tax advantages.

Voluntary contributions of up to $15,000 per year (within caps)
Funds can later be released to contribute towards a home deposit

HomeBuilder grant

The HomeBuilder Grant provides financial assistance to eligible owner-occupiers building a new home or undertaking substantial renovations.

Grant amount of $25,000 (subject to eligibility periods and criteria)
Applies to eligible contracts signed within specified timeframes

Key considerations before applying

While these incentives can significantly reduce the cost of buying your first home, each scheme has strict eligibility criteria. It is important to understand the requirements before committing to a purchase.

You should also consider how these grants interact with your loan structure, deposit savings, and long-term affordability.

Getting legal advice early can help ensure your contract, finance arrangements, and eligibility are properly aligned before you proceed.

Need advice on buying your first home?

If you are planning to buy your first home and want guidance on contracts, stamp duty, or eligibility for government schemes, we can help.

Irvine Lawyers provide conveyancing and property law services across Victoria, with offices in Warrnambool and South Morang.