First home buyer grant and schemes
Buying your first home is a major milestone that can come with a range of challenges and upfront costs.
There are a number of Australian Government initiatives that may assist eligible buyers in entering the property market, including the First Home Owner Grant in Victoria, the 5% Deposit Scheme, and other support programs depending on individual circumstances.
First Home Owners
Grant VIC
The FHOG is a Victorian Government payment that may be available to eligible first home buyers purchasing or building a new home.
Eligible buyers may receive a $10,000 grant when purchasing or building a qualifying new home, subject to scheme conditions.
The grant is a one-off government payment provided after an eligible transaction is completed, typically through a lender or the State Revenue Office.
Applications are usually submitted through an approved lender, or directly via the State Revenue Office where applicable.
Eligibility is based on meeting Victorian Government criteria relating to first home buyer status and purchasing or building a new residential property.
At least one applicant must live in the property as their principal place of residence for a minimum continuous period, as set out under the scheme rules.
Timeframes vary, with payments generally made after settlement or construction once all requirements have been satisfied.
No, there is currently no income limit for the First Home Buyers Grant VIC. However, some other schemes and forms of financial support may include income eligibility thresholds.
Australian Government
5% Deposit Scheme
The Australian Government 5% Deposit Scheme is a national initiative that may help eligible Australians purchase a home with a lower deposit, supported by a government guarantee through participating lenders.
The scheme may allow eligible buyers to purchase with a lower deposit and without Lenders Mortgage Insurance, subject to government and lender criteria.
The scheme operates through participating lenders, with the Australian Government providing a guarantee that helps eligible buyers secure a home loan with a reduced deposit.
In some cases, eligible buyers may be able to access the scheme alongside other government support measures, depending on individual circumstances and eligibility criteria.
Eligibility is based on meeting Australian Government criteria, including deposit requirements, property type and price caps, and owner-occupier conditions.
Applications are made through participating lenders or brokers, who assess eligibility and guide the loan and property purchase process.
The scheme may apply to a range of residential property types, subject to location-based price caps and scheme eligibility rules.
Eligible buyers under the scheme may be able to avoid Lenders Mortgage Insurance, subject to lender approval and scheme conditions.
First Home Owner Grant (FHOG)
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) when building or buying a brand-new home valued at $750,000 or less in Victoria. It’s designed to help reduce upfront costs and make entering the property market more achievable for first time buyers.
- State-based government payment
- $10,000 first home buyer grant in Victoria
- Available for new homes valued up to $750,000
- Can help cover your deposit or other upfront buying costs
- May be combined with stamp duty concessions and other government incentives
- Home must be owner-occupied and not used as an investment property
Australian Government 5% Deposit Scheme
The Australian Government 5% Deposit Scheme helps eligible buyers purchase a home with as little as a five per cent deposit. The scheme allows eligible buyers to avoid paying mortgage insurance LMI, helping reduce upfront costs and making home ownership more accessible.
- Federal government loan guarantee scheme
- Buy with as little as a 5% deposit
- Avoid paying Lenders Mortgage Insurance (LMI)
- Available for eligible first home buyers and owner-occupiers
- Can be used for new homes, existing homes, and vacant land with a building contract
- May be combined with the FHOG and other government incentives
