Looking to buy your first home? These grants can help you get a foot in the door.

Starting your home ownership journey can be an exciting yet daunting prospect. Soon-to-be homeowners can take advantage of some fantastic government grants and national schemes, helping to boost their spending power as they take their first step onto the property ladder. Here is all the info you need on home buyer grants and schemes in Victoria.

Victorian First Home Owner Grant and Exemptions

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, your home must be a new build and not have previously been sold, you can check the website for full eligibility criteria and to confirm eligibility.

As an added benefit, as a first home buyer, you may also be eligible for a stamp duty exemption or concession – potentially saving you thousands!  The first home buyer stamp duty exemption is a one-off duty exemption when you purchase a property intended to be your home of up to $600,000. A duty concession applies for properties valued between $600,000 and $750,000.

To find out more about the grants and concessions available and to check your eligibility visit the Victoria State Revenue Office website.

Nationwide Government Schemes for First Home Buyers

There are also national schemes in place that can help get you into your first home and property market.

The First Home Super Saver Scheme (FSSS) can help you save for your deposit faster. The scheme allows first home buyers to save a deposit for their first home inside their super account and take advantage of the concessional tax treatment. Under the FSSS, borrowers can release up to $50,000 from super to make a deposit on a home.

The Home Guarantee Scheme (HGS) is an Australian Government initiative that helps eligible home buyers to purchase a home sooner. Limited places are available for these each financial year. The HGS includes: 

• The First Home Guarantee (FHBG) helps eligible first home buyers get into the market earlier with a deposit as little as 5% and avoid paying Lenders Mortgage Insurance (LMI).
• The Regional First Home Buyer Guarantee (RFHBG) supports eligible regional first home buyers to buy a home in a regional area and only requires them to have a deposit between 5% and 20%.
• The Family Home Guarantee (FHG) helps eligible single parents with at least one dependent child to buy a home, with a deposit as little as 2%. Applicants can be either first home buyers or previous owners who do not currently own a home.

With house and land packages currently available in AVID communities across East and West Victoria, there is a home to suit every hopeful first home buyer. To find out more, check out our full list of residential neighbourhoods in Victoria and speak to one of our dedicated team members today.

Please note this blog contains information that is general in nature. You should consider whether the information provided is appropriate for your needs, and where appropriate, seek paid professional financial and legal advice.

This article should not be considered professional legal, financial or risk assessment advice. This article contains general information only and is not intended as legal, financial or insurance advice and should not be construed or relied on as such. AVID is not a financial or legal adviser. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial adviser or insurance broker. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal, insurance or financial product. Although every effort has been made to verify the accuracy of the information contained in this website, AVID, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained on this website or any loss or damage suffered by any person directly or indirectly through relying on this information. You should seek out independent, professional advice on your personal circumstances, particular risks and financial situation before making any financial decisions. Buyers may be eligible to participate in the Australian Government’s Regional First Home Buyer Guarantee or state government’s First Home Owner Grant. These are not AVID promotions. Eligibility and date restrictions apply. AVID does not accept any liability with regard to these schemes. See http://firsthome.gov.au and https://www.nhfic.gov.au/ for more information and full terms and conditions