Buying your first home in Victoria can feel overwhelming, especially when you're trying to figure out how much financial help is actually available. The good news? There are several government incentives designed specifically to help first home buyers like you get into the property market sooner than you might think.

We see plenty of buyers who discover these programs too late in their journey, or worse, miss out on them entirely. That's why we've put together this comprehensive guide to the seven key Victorian government incentives that could save you thousands of dollars on your first home purchase.

1. First Home Owner Grant (FHOG) – Up to $10,000

The First Home Owner Grant is probably the most well-known incentive, but many buyers don't realise the eligibility criteria have been updated for 2025. In Victoria, you can claim up to $10,000 if you're purchasing or building a new home valued up to $750,000.

Here's what makes you eligible:

• You're an Australian citizen or permanent resident
• You're 18 years or older
• Neither you nor your partner have owned property in Australia before
• You'll live in the home as your principal place of residence for at least 12 months

The key word here is "new" – this grant only applies to newly constructed homes or off-the-plan purchases. If you're buying an established property, this one won't apply, but don't worry – there are other options coming up.

2. First Home Buyer Duty Concession – Save Up to $8,750

This is where things get interesting for buyers of established properties. The Victorian government offers significant stamp duty concessions for first home buyers, and the savings can be substantial.

For homes valued up to $600,000, you'll pay no stamp duty at all. For properties between $600,000 and $750,000, you'll receive a partial concession that gradually reduces as the price increases.

Here's the breakdown:

• $0 – $600,000: Full concession (pay no stamp duty)
• $600,001 – $750,000: Partial concession
• Above $750,000: No concession available

On a $650,000 home, this concession could save you around $4,000 in stamp duty – money that stays in your pocket or goes towards your deposit.

3. Shared Equity Loan Scheme – Government as Your Co-investor

One of the most underutilised programs we see is Victoria's Shared Equity Loan Scheme. This program allows eligible first home buyers to purchase a home with as little as a 5% deposit, with the Victorian government contributing up to 25% of the purchase price as an equity loan.

The government's contribution is interest-free and doesn't require repayments until you sell the property, refinance, or reach the loan term. When you do repay, the government receives the same percentage of the property's value at that time.

Eligibility requirements:

• Household income under $128,000 (singles) or $204,800 (couples)
• Minimum 5% deposit saved
• Purchase price under $950,000 in metropolitan Melbourne
• Must be your principal place of residence

This scheme is particularly valuable in today's market where saving a 20% deposit can take years longer than expected.

4. Regional First Home Buyer Boost – Extra $10,000

If you're considering a move to regional Victoria, there's an additional $10,000 on the table through the Regional First Home Buyer Boost. This incentive can be combined with the standard First Home Owner Grant, potentially giving you $20,000 towards your purchase.

Regional areas include:

• Geelong and surrounds
• Ballarat
• Bendigo
• Shepparton
• Warrnambool
• And dozens of other regional centres

The property value cap for regional areas is higher too – up to $600,000 for the Regional First Home Buyer Boost, making it easier to find eligible properties in these areas.

5. HomeBuilder Grant Extension Benefits

While the original HomeBuilder Grant program has ended, there are still flow-on benefits available for contracts signed during the program period. If you signed a contract between April 2020 and March 2021, you might still be eligible for this $25,000 grant when you settle.

Additionally, some builders are offering their own incentives that mirror the HomeBuilder benefits, so it's worth asking about any construction grants or rebates when you're shopping for a new build.

6. Keystart-Style Low Deposit Loans

Victoria offers several low-deposit loan options through various participating lenders. These programs allow you to buy with deposits as low as 2-5% without paying lenders mortgage insurance (LMI), which can save you thousands.

The Victorian government backs these loans, reducing the risk for lenders and passing those savings on to you. Some programs even offer:

• No LMI on deposits under 20%
• Reduced interest rates for the first few years
• Flexible repayment options during financial hardship

These loans are particularly valuable for essential workers like teachers, nurses, and police officers, who often receive additional benefits or priority access.

7. First Home Super Saver Scheme (Federal)

While this is technically a federal program, it's available to Victorian buyers and often overlooked. The First Home Super Saver Scheme allows you to salary sacrifice up to $15,000 per year (maximum $50,000 total) into your superannuation fund, then withdraw it tax-effectively for your first home deposit.

The benefits include:

• Contributions are taxed at just 15% instead of your marginal tax rate
• Earnings on contributions are also taxed at 15%
• Withdrawals include a deemed earnings component
• You can start contributing immediately, even if you're years away from buying

For someone on a $75,000 salary, this scheme could save around $2,000-$3,000 in tax while building their deposit faster.

How to Access These Incentives

The application process varies for each program, but here's your roadmap:

Before you start looking:

• Check your eligibility for each relevant program
• Gather required documentation (payslips, bank statements, etc.)
• Consider speaking with a mortgage broker who understands these programs

During your property search:

• Factor potential savings into your budget
• Ensure properties you're considering meet program requirements
• Keep detailed records of your search and applications

At settlement:

• Have all grant applications submitted well in advance
• Ensure your legal representative understands the programs you're using
• Double-check all requirements have been met

Making the Most of Multiple Programs

Here's where things get exciting – many of these programs can be combined. For example, a first home buyer purchasing a new $650,000 home in regional Victoria could potentially access:

• First Home Owner Grant: $10,000
• Regional First Home Buyer Boost: $10,000
• Stamp duty concession: ~$4,000
• Total potential savings: $24,000

That's a significant chunk of your deposit or money that can go towards furniture, moving costs, or simply staying in your offset account.

Don't Miss Out – Act Now

These incentives are designed to help you get into the property market sooner, but they won't last forever. Government programs change regularly, and property values continue to rise, potentially pushing more areas outside eligible price caps.

We always recommend starting your research early and getting pre-approved for finance before you start seriously looking at properties. This way, you'll know exactly which incentives you can access and how much you can afford to spend.

The Victorian property market remains strong, and with these government incentives working in your favour, there's never been a better time to make your first home purchase. Whether you're looking at established properties in Melbourne's outer suburbs or considering a new build in regional Victoria, understanding these programs could save you tens of thousands of dollars.

Remember, eligibility criteria and program details can change, so always check the latest information on the State Revenue Office Victoria website or speak with a qualified mortgage broker who stays up-to-date with current programs.

Your first home is waiting – and with the right government incentives, it might be more affordable than you think.