First Home Buyers

First Home Buyers

First Home Owners & Buyers Grant Victoria

A payment of up to $10,000 is available for eligible first home owners in metropolitan Victoria. Meanwhile, first home buyers building new homes in regional Victoria may be eligible for a FHOG of $20,000.

First Home Owner Grant and stamp duty savings VIC

First home buyers in Victoria can tap into plenty of financial support to get into the market sooner:

  • Zero stamp duty for first home buyers in Victoria if your first home is worth $600,000 or less
  • Savings on stamp duty for first home buyers who pay $600,000-$750,000
  • Savings on stamp duty for first home buyers who buy off the plan
  • $10,000 first home buyer grant if you buy in a metro area
  • $20,000 first home buyer grant if you buy in regional Victoria
  • New Pilot Shared Equity Scheme – eligible first home buyers only need a 5% deposit to buy a home. The Victorian State Government funds a 25% stake in the property (to be repaid if the home is sold).

It all adds up to give first home buyers in Victoria more opportunities to buy a place of their own. Keep on reading below for more information and the various financial support available in Victoria.

New Pilot Shared Equity Scheme

Under the terms of the new Pilot Shared Equity Scheme, eligible first home buyers will only need to have a 5% deposit in order to buy a home. The Victorian State Government takes a proportional interest of up to 25% in the property.

First home buyers will then be able to take out a loan that is worth 70% of the value of the home (thanks to their 5% deposit and the Government’s 25% stake in the property).

Once the first home buyer sells the property, they will just have to repay the Government’s proportional interest.

To be eligible for the Government support, singles must be earning an annual income of $75,000 or less and couples must have a combined household income of $95,000 or less.

First Home Owner Grant - Regional Victoria

For contracts entered into between 1 July 2017 and 30 June 2020, the Victorian Government will provide a $20,000 grant to first home buyers purchasing or building new properties in regional Victoria up to the value of $750,000.

Off the plan purchases

If you are a first home buyer purchasing an off the plan property, you may be entitled to a concession.

Under the terms of the concession, first home buyers will pay duty on the value of the property and construction at the time of the contract date. Generally speaking, when a contract is entered into for an off the plan property purchase, construction won't have started or hasn't yet been completed. As such, first home buyers won’t have to pay as much in duty.

Unfortunately, only first home buyers who occupy the property as their principal place of residence will be eligible for the concession.

New stamp duty measures for First Home Buyers in Victoria

On 1 July, 2017, the Victorian Government announced it would abolish stamp duty for first home buyers purchasing properties worth $600,000 or less.

In addition, those purchasing a property worth between $600,000 and $750,000 will receive some form of stamp duty concession.

Applying for the First Home Owner Grant
  • Talk to Opulent Finance
    In most cases, your chosen lender will act as an agent for the Revenue Office. Your lender, together with your broker, will make sure you receive the grant if you are entitled to it.
  • Allow time for processing
    Opulent Finance will ensure that the First Home Owner Grant funds are available at settlement or at the first progress payment if you are building your home.
  • If you go direct...
    If you apply directly to the Revenue Office, funds will not be available until after settlement or completion of the home if you are building.

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Siraj Ahmed
Siraj Ahmed
2020-11-18
Verified review
Excellent service. Got us a great loan option and also worked with the bank to get the loan approved during the heights of COVID.
Dhruv Satra
Dhruv Satra
2020-11-18
Verified review
Malaka Ekanayake
Malaka Ekanayake
2020-11-10
Verified review
We have had a very pleasant experience working with Opulent Finance. We did not have that much experience with house loans as we were first home buyers but working with Opulent  Finance team specially with Ishara, made that experience stress free one. She helped us secure an incredibly competitive interest rate and offered her guidance so we can take advantage of the future interest rate drop. Thank you Ishara, Dayan and team for your incredible support and we have no hesitation what so ever in recommending Opulent Finance for your financial needs
Uma Gunaratne
Uma Gunaratne
2020-11-04
Verified review
Ishara is highly knowledgeable and if you are a first home buyer and new to the intricacies of all that home loans entail, she will really take you under her wing and impart her knowledge and experience and treat you as one of her own. She is also extremely patient but will also be very truthful and upfront in situations which is honestly what you need. She did a very complicated loan for us, and was so incredible efficient and organised with all the paperwork that was required. Not only that, she helped us secure an incredibly competitive interest rate! Ishara has probably spent hours and hours explaining to me details and giving me really good guidance through this momentous period in life! During the cooling off period and settlement, she was constantly chasing up our loan and honestly took a personal interest in the outcome. Our solicitor was also very happy about working with Ishara as she was following the entire process, was always up to date and very easy to work with. Considering that our entire process happened during the covid-19 lock-down and work from home environment, we have nothing but good things to say about how professional Ishara was as she didn't let a single thing slip. We are so glad that we have both Ishara and Dayan in our corner. We will definitely be using them for all future financing needs. Thank you Ishara, Dayan and team!
Harsha Ill
Harsha Ill
2020-10-11
Verified review
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
S P
S P
2020-09-22
Verified review
I have been dealing with Ishara at Opulent Finance for over 6 months now and she has been faultless. She has helped me secure a loan pre-approval in no time and assisted me with my property purchases. I could not recommend Ishara highly enough.
Afshin Koohestani
Afshin Koohestani
2020-09-22
Verified review
Good service and offers.
Janaka Kumara
Janaka Kumara
2020-08-22
Verified review
A big shout out to Dayan and his team for the seamless service provided during the refinancing process. Thoroughly professional team that pays attention to every detail and has been extremely transparent throughout the process. A team that always has the best interest of clients in mind and makes all efforts to provide the right advise and outcomes to the clients. Highly recommended!
Rakesh Mistry
Rakesh Mistry
2020-08-19
Verified review
They called me back with solution
Indra Jaya
Indra Jaya
2020-08-12
Verified review