First Home Buyer Grants, Schemes and Stamp Duty Explained

Purchasing your first home is an exciting milestone, but with so many grants, schemes, concessions, and eligibility rules to understand, it can feel overwhelming to know where to begin. Whether you’re researching the first home buyers grant, exploring the first home buyers scheme, or trying to understand how much first home buyer stamp duty you’ll need to pay, the right guidance can help you save thousands and buy a property sooner.

This comprehensive guide explains everything first home buyers need to know in 2026, including grants, home buyer duty exemptions, stamp duty rules, and how to secure the right first home buyer loan.

What Is the First Home Buyers Grant VIC?

The First Home Buyer Grant, often referred to as the FHOG, is one of Victoria’s most valuable incentives. It supports first home buyers purchasing a new residential property in Australia. As at 2026, the FHOG in Victoria offers:

• $10,000 for new homes valued up to $750,000
• Available for new builds, house-and-land packages, off-the-plan homes, major renovations

The FHOG does not apply to established homes, but it combines effectively with stamp duty concessions.

Eligibility Criteria for the First Home Buyers Grant

To qualify, you must meet strict eligibility criteria set by the Government and the State Revenue Office (SRO). You must:

• Be at least 18 years old
• Be an Australian citizen or permanent resident (or applying jointly with one)
• Have never owned property in any of the states and territories of Australia
• Intend to live in the property as owner occupied for at least 12 months of settlement
• Be applying for the First Home Owner Grant FHOG before moving into the property
• Purchase a new home within the value threshold

The State Revenue Office reviews all applications, so accurate documentation is essential.

Understanding the First Home Buyers Scheme

The first home buyers scheme refers to a series of government-backed initiatives designed to help Australians enter the property market with smaller deposits and reduced upfront costs. These schemes often work alongside the FHOG.

Major Schemes Available to First Home Buyers

1. First Home Guarantee (FHBG)
   Allows eligible buyers to purchase with as little as 5% deposit while avoiding Lenders Mortgage Insurance (LMI).
2. Regional First Home Buyer Guarantee
   Supports first home buyers purchasing in regional Victoria, also with a 5% deposit and no LMI.
3. Family Home Guarantee
   Designed for single parents with a 2% deposit requirement and no LMI.

Each scheme has unique eligibility criteria, and your mortgage broker can help determine which you qualify for.

Stamp Duty for First Home Buyers: Exemptions & Concessions

Stamp duty is one of the most significant upfront costs when you buy a property. Fortunately, Victoria offers generous home buyer duty exemption and concession programs.

Stamp Duty First Home Buyer Benefits VIC
First home buyers may qualify for:

• Full stamp duty exemption for property purchases up to $600,000
• Stamp duty concession for homes up to $750,000

These savings apply whether you buy a new or established home, provided you intend to live in the property as your owner occupied residence.

For example, if you buy a $600,000 property, you will not need to pay stamp duty at all—saving more than $31,000.

All calculations and exemptions are administered by the Victorian State Revenue Office.

Do You Need to Pay Stamp Duty as a First Home Buyer?

Whether you need to pay stamp duty depends on:

• Property value
• Whether you meet eligibility criteria
• Whether the home will be owner occupied
• Whether you qualify for a home buyer duty exemption
• Property type (new, established, off-the-plan, etc.)

Always check your estimated costs early to avoid surprises. A mortgage broker can assess your eligibility and help calculate your exact stamp duty obligations.

Applying for the First Home Owner Grant FHOG

When applying for the First Home Owner Grant FHOG, you must submit your application through:

• Your lender or mortgage broker (recommended)
• Or directly with the State Revenue Office (SRO), if applying after settlement

Applications typically require:

• Identity documents
• Contract of sale
• Builder contracts (if building)
• Residency declarations
• Proof you meet all eligibility criteria
• Submitting your FHOG application early ensures your grant is processed in time for settlement.

How the First Home Buyer Loan Process Works

A first home buyer loan is similar to any other home loan but includes additional opportunities to access grants, incentives, and LMI waivers.

Lenders assess:

• Your income and employment history
• Savings behaviour
• Deposit size
• Credit score
• Debts or financial commitments
• Property type and location
• Eligibility for first home buyer schemes

As a first home buyer, it’s crucial to work with a broker who can compare lenders, maximise incentives, and help you secure approval quickly.

Buying Residential Property in Australia as a First Home Buyer

Buying your first residential property in Australia requires careful planning. This is especially true in Victoria, where various government incentives are available but depend on strict timelines and requirements.

First home buyers should consider:

• Getting a borrowing power assessment early
• Understanding property value thresholds
• Choosing between fixed, variable, or split home loans
• Ensuring they meet all grant and scheme criteria
• Preparing upfront costs (legal fees, settlement fees, building inspections)
• The requirement to live in the property for 12 months of settlement

A mortgage broker can tailor your options to your financial situation and help ensure you're taking advantage of all available schemes.

Combining Grants, Schemes & Stamp Duty Savings

One of the biggest advantages for first home buyers in Victoria is the ability to combine benefits, such as:

• FHOG $10,000
• Stamp duty exemption or concession
• First Home Guarantee (5% deposit, no LMI)
• Builder/developer incentives
• Lender specials or cashback offers

This can significantly reduce the cost of buying your first home and shorten the time needed to save a deposit.

Final Thoughts: How to Buy a Property as a First Home Buyer in Victoria

Between the first home buyers grant VIC, the range of first home buyers scheme options, stamp duty concessions, and tailored first home buyer loan products, entering the property market has never been more achievable.

Understanding the eligibility criteria, the State Revenue Office requirements, and how to structure your loan strategy can save you tens of thousands and help you buy a property sooner.

If you’re ready to get started or want personalised guidance on grants, schemes, or your borrowing power, working with an experienced mortgage broker will ensure you maximise every opportunity available.