First home buyers · Victoria
First home buyer schemes in Victoria, explained
There's real help out there for first home buyers, deposit schemes, grants and stamp duty savings. The tricky part is knowing which ones you qualify for and how they fit together. Here's the plain-English version, current as at July 2026.
A few schemes changed in late 2025, so a lot of the advice floating around online is out of date. Below is where things stand now. None of this is financial advice, it's general information to help you get your bearings. When you're ready to see what it means for your own numbers, Shaheera will walk you through it for free.
Prefer something you can work through step by step? Grab our free First-Home-Buyer Checklist, the deposit, documents and schemes, all in one place.
The main ones
Four ways to get in sooner
5% Deposit Scheme
Australian Government, formerly the First Home Guarantee
Buy your first home with just a 5% deposit and skip lenders mortgage insurance, because the government guarantees the rest. As of October 2025 there are no income limits and no cap on places.
- Price cap for Melbourne & Geelong is $950,000 (other parts of Victoria are lower)
- Australian citizen or permanent resident, 18+, owner-occupier
First Home Owner Grant
Victorian Government
A $10,000 grant when you buy or build a brand-new home valued up to $750,000. It's for new builds only, established homes don't qualify.
- New home, valued up to $750,000
- Move in as your home within 12 months and live there for 12 months
Stamp duty savings
Victorian Government
Eligible first home buyers pay no stamp duty on a home up to $600,000, and a reduced, sliding-scale amount from $600,001 to $750,000. This one covers new and established homes.
- Full exemption up to $600,000
- Concession tapers to nil at $750,000; it must be your home
Help to Buy
Australian Government, shared equity, launched Dec 2025
The government chips in up to 40% of the price for a new home (30% for an existing one) in exchange for an equal share of the property, so you borrow less. Deposit can be as low as 2%.
- Income limits: $100,000 single / $160,000 joint or single parent
- 10,000 places a year; you can't own any other property
A quick note on the Victorian Homebuyer Fund: it's now closed to new applicants and has been replaced by the federal Help to Buy scheme. If you already have a Homebuyer Fund agreement, it stays in place.
Not sure which ones you qualify for?
Start with the eligibility quiz, or send your details and Shaheera will map out exactly which schemes fit you, free, same business day.
What happens next
- You send your detailsTakes about a minute, no documents needed yet.
- Shaheera calls or texts you backSame business day, usually within a few hours.
- She lays out your optionsWhich schemes you qualify for and what you could borrow.
Why buyers pick Exceed
- Free servicePaid by the lender once your loan settles, not by you.
- 35+ lenders comparedA real look across the market, rather than one bank's rates.
- 20+ years' experienceShaheera spent two decades inside the banks. First home buyers are her thing.
Good questions
First home buying, answered honestly
It depends on the path. Under the 5% Deposit Scheme you can buy with a 5% deposit and dodge lenders mortgage insurance. Under Help to Buy it can be as little as 2%. Without a scheme, most lenders want somewhere between 5% and 20%. Shaheera works out which one fits you and what your deposit really needs to be.
If you're eligible, there's no stamp duty on a home up to $600,000, and a reduced amount between $600,001 and $750,000 on a sliding scale. Above $750,000 the full duty applies. It has to be your home, not an investment.
Often, yes. A common combination is the stamp duty exemption plus the 5% Deposit Scheme, or the First Home Owner Grant on a new build. A few can't be stacked, so it's worth running your actual numbers before you commit. That's exactly the kind of thing we sort out in a quick chat.
No. It's closed to new applicants. The federal Help to Buy shared equity scheme has taken its place. If you already had a Homebuyer Fund agreement, it stays as-is with its usual obligations.
Scheme details can change, so it's smart to confirm against the source: the State Revenue Office Victoria for the grant and stamp duty, and firsthomebuyers.gov.au for the 5% Deposit Scheme and Help to Buy. Or just ask Shaheera and she'll point you to what applies to you.
Let's find out what you qualify for
One quick chat and you'll know which schemes fit, what you could borrow, and the smartest first step. Free and no pressure.