Buying Your First Home
Buying Your First Home in Geelong?
Here’s Your Step-by-Step Checklist
Buying your first home is a big milestone, and building it means you can make it truly yours. Whether you’re just starting to think about your first property purchase or you’re ready to buy and build, these steps will guide you through the property journey with clarity and confidence.
Before buying property, it’s important to get your finances sorted. Review your income, expenses, and borrowing capacity. Knowing what you can afford upfront helps guide everything from your location to your future mortgage repayments.
A deposit of five to 20 per cent is usually required. Set savings goals early and look into government support like the First Home Owner Grant (FHOG) in Victoria.
Before you begin house hunting, check what assistance you’re eligible for. First-home buyer incentives, stamp duty concessions, and schemes like the First Home Guarantee can make a big difference.
Explore first-home buyer hotspots like Armstrong Creek, Charlemont, Lara and surrounding areas. Look into land availability, transport, schools, and future growth.
Look for house and land packages that suit your budget, lifestyle, and timeframe. Geelong Homes offer a range of first-home-friendly options across key growth areas, our team can help you find the right fit.
Before signing anything, speak to a lender or broker about getting loan pre-approval. This gives you a clear idea of your borrowing power, potential home loan repayments, and whether you may need to factor in Lenders Mortgage Insurance to strengthen your position when moving forward.
Once you’ve chosen your home, you’ll sign a building contract and finalise your loan approval. This step in the home buying process includes reviewing the contract of sale, understanding your settlement period, and preparing for home and contents insurance. Your builder will guide you through the paperwork and building timelines to help you move forward with confidence.
Your home will begin to take shape. When you’re building with Geelong Homes, we’ll keep you informed throughout the process – providing updates on progress and key milestones from site start through to handover day.
Ready to get started?
Talk to our local team about house and land packages available now for first-home buyers in Geelong.
First Home Buyer Grants and Incentives
Looking to build your first home in Geelong or the surrounding region? You may be eligible for the $10,000 First Home Owner Grant (FHOG) in Victoria.
The grant is available if you’re building or buying a brand-new home valued at $750,000 or less – and it must be a home that’s never been lived in, sold, or used for short-stay accommodation.
FHOG is typically paid at settlement (for purchases) or when your builder requests the first payment (for new builds). Most banks and lenders can help you apply as part of your finance.
It’s a one-off payment – but for many first home buyers, it helps cover early costs like part of the house deposit, site start, or moving expenses.
There are also stamp duty concessions, shared equity schemes, and low-deposit options available to help make your first home more affordable.
Are you eligible?
Check out our guide on First Home Owners Grant VIC for the eligibility criteria here.
Frequently Asked Questions – Buying your first home
The total amount of money you need to buy your first home depends on the purchase price, your deposit, and any upfront costs, such as:
- Stamp duty (which may be reduced or waived for first home buyers)
- Conveyancing/legal fees
- Loan setup charges
- Building inspection fees (for purchases)
- Moving costs and utility connections
A mortgage broker can help you estimate your total out-of-pocket costs and explain what assistance might be available.
The deposit required to buy a house in Victoria generally depends on the property’s price, your financial situation, borrowing capacity, and the type of home loan you’re applying for.
Most lenders require a minimum five to ten per cent deposit – for example, a $600,000 home would typically need $30,000 to $60,000. However, if you qualify for government support schemes mentioned above, such as the First Home Guarantee, you may be able to buy with as little as a five per cent deposit and no Lenders Mortgage Insurance.
While eligible first home buyers can purchase with a smaller deposit through these schemes, saving a larger deposit can reduce your home loan repayments over time and help you avoid extra costs.
There’s no one-size-fits-all answer. The right deposit size will depend on your financial situation and home ownership goals, so speaking with your bank or mortgage broker early can help you understand your options and decide if it’s worth building your deposit further before buying.
Getting your finances in order early in your property journey can give you more confidence and flexibility when you’re ready to make your first property purchase.
Yes, first home buyers may need to pay stamp duty in Australia, but several exemptions and concessions apply, depending on the state or territory you’re buying in.
In Victoria, first home buyers can receive a full stamp duty exemption on homes valued up to $600,000, and a reduced rate (concession) on homes priced between $600,001 and $750,000 – whether you’re buying a new or established home.
If you’re building or buying off the plan, you may also benefit from the Off-the-Plan Stamp Duty Concession, which has been extended until October 2026. This applies to new apartments, townhouses or units in a strata subdivision and can significantly reduce the amount of stamp duty payable – sometimes to zero.
Key points for first home buyers in Victoria:
- No stamp duty for eligible homes up to $600,000
- Discounted stamp duty for homes between $600,001 and $750,000
- Extra savings if purchasing off the plan, with no price cap and open to all buyers (not just first-home buyers)
- Savings depend on how far along construction is when you buy – the earlier, the bigger the discount
- Combined with the $10,000 or $30,000 First Home Owner Grant, these savings can reduce upfront costs by tens of thousands
So while stamp duty is still technically required, many first home buyers in Victoria don’t end up paying it at all, or pay significantly less – especially if they’re buying new or off the plan.
In addition to the First Home Owner Grant (FHOG), there are several other home guarantee schemes and concessions available to help first home buyers in Australia, particularly in Victoria:
- Stamp Duty Concessions (VIC): First home buyers pay no stamp duty on properties up to $600,000, and receive a concession for properties up to $750,000. This applies to both newly built and established homes, as well as land if you’re planning to build.
- First Home Guarantee (Federal): This scheme allows eligible buyers to purchase a home with just a five per cent deposit, with the federal government acting as guarantor for the loan. It’s available for both new builds and existing properties, and helps buyers avoid paying Lenders Mortgage Insurance.
- First Home Super Saver Scheme (FHSS): You can make voluntary contributions into your super fund (up to certain limits) and later withdraw those funds to use as a deposit on your first home. It’s useful for buyers planning ahead and looking to maximise savings.
- Off-the-Plan Stamp Duty Concession (VIC): Recently extended to October 2026, this concession isn’t limited to first home buyers, but can still offer them big savings. When buying a new off-the-plan apartment or townhouse, stamp duty is calculated based on the stage of construction – often reducing the amount significantly.
- Family Assistance: Often called the “Bank of Mum and Dad,” some buyers receive help from family in the form of gifts or guarantees. For example, parents might offer equity from their own home as security for a family guarantee loan.
Many of these supports can be combined, significantly reducing the deposit needed and lowering upfront costs. It’s always best to speak with a broker or lender to understand what you’re eligible for and how to structure your purchase.
^ While we’ve tried to be as helpful as possible, this page should not be taken as professional financial advice. It contains general information only, and you should seek out independent, professional advice before making any financial decisions.
