Victoria First Home Buyer Grant

VIC First Home Buyers Grant Summary 2024

Victoria First Home Buyers Grant Summary

Are you confused about what grant(s) you can receive as a first home buyer in Victoria? We have developed a quick summary below. Grants change regularly, so it is always a good idea to review the state government’s website to confirm your eligibility or simply contact us.

At Mortgage Choice, our goal is to educate and make the process as easy as possible. When is the last time you purchased property? It is important that you deal with industry professionals throughout the entire process. If you’re ready to buy your first home or just doing a bit of research, it’s important to understand what Government support is available when it comes to grants and incentives and how much you could save!

Applying for the First Home Owner Grant is easy, and we can guide you through the paperwork.

Essentially, there are 4 main grants;

Victoria First Home Buyers Stamp Duty Discounts 

  • First homeowners in Victoria don’t pay stamp duty at all on their first home as long as the property is valued below $600,000.
  • You may still be eligible for savings on stamp duty if you pay between $600,000 and $750,000 for your first home.

Victoria First Home Owners Grant

  • $10,000 grant
  • Newly constructed dwelling with a value less than $750,000

Australian Government First Home Loan Deposit Scheme

  • Allows you to take out a mortgage with just a 2-5% deposit and avoid paying lender’s mortgage insurance (LMI).
  • Further details here

Australian Government First Home Super Saver Scheme

  • Allows you to access up to a total of $50,000 contributions of your voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.
  • Further details here

Still confused? Why not book an appointment with us today to discuss your individual circumstances? What have you got to lose!?