First Home Buyer Guide VIC: Grants, Stamp Duty & Schemes (2026)

Melbourne is one of Australia’s most active auction markets, so a first home there is often bought at auction. Check your price against the duty ceilings and have finance, inspections and the contract review done before you bid.

First Home Owner Grant VIC

Victoria offers the First Home Owner Grant for eligible buyers purchasing new homes, the same amount anywhere in the state.

The $20,000 grant for new homes in regional Victoria ran from 1 July 2017 to 30 June 2021 and no longer applies, according to the State Revenue Office’s historical rates.

Eligibility requirements

• At least one applicant must be an Australian citizen or permanent resident
• All applicants must be 18 years or older
• None of the applicants can have previously owned residential property in Australia
• At least one applicant must occupy the home for 12 continuous months within 12 months of settlement or completion

Eligible properties

• New homes (first time sold as residential) with a total value (house plus land) of $750,000 or less
• Substantially renovated homes (extensive renovation where the original dwelling was effectively removed/replaced)
• Established homes do not qualify

Stamp duty exemption and concession

Victoria provides stamp duty (land transfer duty) relief for eligible first home buyers on both new and established properties.

On a $550,000 purchase, an eligible first home buyer in Victoria pays $0 in stamp duty. An owner-occupier who isn't a first home buyer would pay $24,970 at the principal place of residence rate, and an investor $28,070. The same thresholds apply to vacant land, on the land's value. Rules checked against SRO Victoria on 14 October 2026. Use our Stamp Duty Calculator for your exact figures.

Principal place of residence concession (non-first home buyers)

Victoria also has a lower principal place of residence rate for owner-occupiers who aren't first home buyers, on properties up to $550,000. It's separate from the first home buyer exemption.

Federal schemes available in VIC

• 5% Deposit Scheme (the expanded First Home Guarantee): buy with a 5% deposit and no LMI. Since 1 October 2025 there’s no income test and no limit on places. The price cap is $950,000 in Greater Melbourne and Geelong and $650,000 in the rest of Victoria. See our 5% Deposit Scheme guide.
• Single parents and legal guardians (Family Home Guarantee): a 2% deposit, the same price caps and no income test. You don’t have to be a first home buyer, but any other home you own must be sold within 4 weeks of settling.
• Regional First Home Buyer Guarantee: closed. No new guarantees have been issued since 1 October 2025; regional buyers use the 5% Deposit Scheme at their area’s price cap.
• Help to Buy (shared equity): the government contributes up to 40% of a new home or 30% of an existing one, with a 2% minimum deposit and no LMI. For 2026–27 the income limits are $103,000 (single) and $165,000 (joint or single parent). The price cap is $950,000 in Melbourne and Geelong and $650,000 elsewhere in the state. It can’t be combined with the 5% Deposit Scheme. See Help to Buy in Victoria.
• First Home Super Saver scheme (FHSS): save part of your deposit in super with voluntary contributions, up to $15,000 a year and $50,000 in total per person, then withdraw 85% of before-tax contributions and all after-tax ones, plus deemed earnings (7.51% a year for October–December 2026). Salary sacrifice is taxed at 15% going in, and the release at your marginal rate less a 30% offset. There’s no price cap, and it combines with the other schemes. See the FHSS guide or run your numbers in the FHSS calculator.

See our national First Home Buyer Guide for full federal scheme detail.

VIC-specific schemes and resources

• Victorian Homebuyer Fund: closed to new applications on 10 September 2025. Victoria’s shared equity option is now the federal Help to Buy scheme.
• Off-the-plan apartments and townhouses: a temporary duty concession for any buyer of a lot in a strata subdivision with common property, for contracts from 21 October 2024 to 20 April 2027. SRO Victoria says it has been extended to that date; confirm with SRO before relying on a late contract date.
• Homes Victoria: Check homes.vic.gov.au for any current co-contribution or affordable housing programs for first home buyers.

Median property prices for first home buyers

Melbourne’s property market has large price variation by distance from the CBD. First home buyers typically focus on:

• Outer Melbourne suburbs: Western (Werribee, Hoppers Crossing), Outer North (Craigieburn, Epping), South East (Berwick, Cranbourne), house medians $580K to $780K
• Units and apartments: CBD fringe and inner suburbs like Footscray and Sunshine, unit medians $400K to $600K
• Regional Victoria: Geelong (houses $700K to $800K), Ballarat ($500K to $600K), Bendigo ($450K to $550K), all highly affordable versus Melbourne

Browse our suburb profiles for current market data on any Victorian suburb.

The VIC buying process

Victoria has some distinct features:

• Section 32 (Vendor’s Statement): Vendors must provide a Section 32 before a contract is signed. It contains title, planning overlays, outgoings, and building permits. Review with your solicitor before signing.
• Cooling-off period: 3 business days from signing the contract of sale. No cooling-off at auction.
• Auction market: Melbourne is one of Australia’s most active auction markets. Pre-auction due diligence (building inspections, finance, contract review) needs to be done before bidding.
• Settlement: Typically 30 to 60 days, conducted via PEXA.

Key VIC contacts

• State Revenue Office VIC (SRO), FHOG and stamp duty concessions: sro.vic.gov.au
• Homes Victoria, affordable housing: homes.vic.gov.au
• Consumer Affairs Victoria, contracts and consumer rights: consumer.vic.gov.au