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Grants for Home Buyers in Victoria

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

If you are unsure of what schemes might be eligible for, have a chat with us.  We will help you understand what is applicable for you and work with you to find the property you want.

Victoria 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

Victorian Homebuyer Fund - Shared Equity Scheme

Helping Home Buyers buy their Homes with a Low Deposit of 5%, in exchange for a shared equity with the VIC Government

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. 

Aboriginal and Torres Strait Islander participants only require a 3.5% deposit and are eligible for a 35% shared equity contribution.

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.

More Info

This is a Victorian Government Housing assistance scheme:

Eligibility:

To be eligible to participate in the Homebuyer Fund, you need to:

  • be an Australian or New Zealand citizen, or permanent Australian resident

  • be at least 18 years of age at settlement

  • have saved the required minimum deposit (at least 5% or 3.5% depending on your circumstances) of your property price

  • earn $128,000 or less per annum for individuals, or $204,800 or less per annum for joint applicants — this refers to your gross annual income

  • occupy the purchased property as your principal place of residence

  • be a natural person (that is, not an organisation, company, trust or other body or entity)

  • not purchase your property from a vendor who is a related person

  • not own an interest in any land in Australia or overseas at the time of purchase (including as trustee of a trust or beneficiary under a trust)

  • not be a shareholder in any corporation (other than a public company) that owns any land in Australia or overseas.

Eligibility of the Property

The property you purchase must be in Metropolitan Melbourne, Geelong or another eligible regional location. To check if the location you intend to purchase is eligible, you can review the list of eligible locations.

The property must be a standard residential property such as a house, townhouse, unit or apartment (vacant land is not eligible) and must be $950,000 or less in Metropolitan Melbourne and Geelong, or $600,000 or less in other eligible regional locations.

The purchase can be for an existing or new property provided that a certificate of occupancy has been issued prior to the date of the contract of sale. The property must also be vacant when purchased or, if under a lease, the lease must expire within 12 months of the acquisition date and the tenants must vacate the property.

Property Price Cap

​Metropolitan Melbourne and Geelong:  $950,000

Other Eligible Regional Locations: $600,000

updated: 26 Oct 2022.

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

Victoria:

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

Other Areas: Property prices up to $500,000

New South Wales:

Sydney and Regional Centre: Property prices up to $800,000

Other Areas: Property prices up to $600,000

Queensland:

Brisbane and Regional Centre: Property prices up to $600,000

Other Areas: Property prices up to $450,000

Western Australia:

Perth and Regional Centre: Property prices up to $500,000

Other Areas: Property prices up to $400,000

South Australia:

Adelaide and Regional Centre: Property prices up to $500,000

Other Areas: Property prices up to $350,000

Tasmania:

Hobart and Regional Centre: Property prices up to $500,000

Other Areas: Property prices up to $600,000

Other Territories:

Australian Capital Territory: Property prices up to $500,000

Northern Territory: Property prices up to $500,000

updated: 26 Oct 2022

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 Criteria:

  • 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

Home Buying Grants: Services
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