Home Buying Grants in Victoria

The Australian Government understands housing affordability is a major concern for residents.  They have designed several schemes to help home buyers get their foot into the property market.

First Home Owner Grants (FHOG)

Helping Home buyers buy their first home

The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.

Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

This scheme is administered by the respective state and territories.  Grant amount and eligibility criteria differs between states and territories.

In Victoria:

Eligibility:

  • Never received a FHOG

  • Never stayed in a home where you are a owner or part owner

  • Must stay in your FHOG home for at least 12 months after settlement.

  • You must be at least 18 years old at settlement

  • At least 1 applicant must be a Australian resident or citizen.

  • Permanent Resident are eligible

More Info


Grant Amount:

New Homes:  $10,000 - One-off new properties up to $750,000

Established Homes: Duty free - properties up to $600,000

Concession - properties between $600,001 to $750,000

Zero concession - properties over $750,000

First Home Loan Deposit Scheme (FHLDS)

Helping First Home Buyers buy their First Home with a Low Deposit of 5%

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 5% deposit.

Any guarantee of your home loan is for up to a maximum amount of 15% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

More Info

In Victoria:

Eligibility:

  • Must be Australian Citizens

  • 18 years and above

  • Single applicants with taxable income up to $125,000 per annum 

  • Couples with taxable income of up to $200,000

  • Couples must either be married or in de-facto relationship

  • Buyers must have between 5% and 20% as deposit.

  • Buyers must be owner-occupiers

  • Buyers must not have previously owned a property in Australia.

  • Not eligible for permanent residents.

Property Price Caps

Melbourne and Regional Centre (Geelong): Property prices up to $700,000

Other Areas: Property prices up to $600,000

Family Home Guarantee Scheme

Helping Single Parents get into the property market with a low 2% deposit.

The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner.

10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Usually, home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 2% deposit.

Any guarantee of your home loan is for up to a maximum amount of 18% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

View the Family Home Guarantee fact sheet to learn more.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

More Info

Eligibility

  • Australian Citizen

  • 18 years old and above

  • Must by a single parent with at least 1 dependent child.

  • Must not be married or in a de facto relationship.

  • Separated but not divorced is NOT single.

  • Must not own a property in Australia 

  • Single parent must be the only name listed on the load and titles certificate

  • Single parent max taxable income $125,000 per annum.  Child support payments are NOT included as income.

  • Child must be natural parent or legally adopted, between 16 and 22 years old, and lives with them.

  • Must have between 2% and 20% as deposit.

Property Price Cap

Melbourne and Major Regional Centre (Geelong) up to $850,000

Other Areas: up to $550,000