First Home Buyer Guide 2026: Grants, Stamp Duty & Loan Options in Victoria
Buying your first home can feel overwhelming — grants, schemes, stamp duty, deposits, pre-approval. It's a lot to take in at once. This first home buyer guide breaks down every major scheme available in Victoria in 2026, in plain English, so you know exactly what you may be eligible for.
Important: This guide is general information only and does not take into account your personal financial situation. Grant amounts, eligibility thresholds and scheme conditions are set by state and federal governments and are subject to change. Please speak with a qualified mortgage broker before making any purchasing decisions.
Why This First Home Buyer Guide Matters in 2026
This first home buyer guide Victoria 2026 covers every major scheme in one place. Several changes over the past year have made it easier for first home buyers to enter the market. Income caps on the First Home Guarantee were removed in October 2025, the federal Help to Buy shared-equity scheme launched in December 2025, and Victoria's stamp duty concessions remain in place. Depending on your circumstances, these schemes can be combined — meaning eligible buyers may access tens of thousands of dollars in combined support.
The First Home Owner Grant (FHOG)
The FHOG is a one-off, tax-free payment from the Victorian Government. It does not need to be repaid.
Key Details
- Amount: $10,000
- Property type: New homes only — newly built, off-the-plan, substantially renovated, or built on vacant land. Established homes don't qualify.
- Price cap: Property value must not exceed $750,000
- Residency requirement: You must move in within 12 months of settlement and live there for at least 12 continuous months
Important: The 12-month occupancy rule is strictly enforced. Moving in late without an approved exemption (such as deployment or illness) can trigger repayment of the grant.
📖 Want the full breakdown — including common reasons applications get rejected and how to apply step by step? Read our dedicated guide: First Home Owners Grant Victoria: Eligibility, Amount & How to Apply.
Stamp Duty Concessions in Victoria
Stamp duty is one of the largest upfront costs in any property purchase, and Victoria's first home buyer concessions can eliminate or significantly reduce it.
| Purchase price | Stamp duty outcome |
|---|---|
| Up to $600,000 | Full exemption — no stamp duty payable |
| $600,001 – $750,000 | Concession applies on a sliding scale |
| Above $750,000 | No first home buyer concession applies |
Source: State Revenue Office Victoria. These thresholds have been unchanged since 2017.
Key takeaway: Staying under $600,000 gets you the full stamp duty exemption — the single biggest upfront saving available to Victorian first home buyers.
The First Home Guarantee (5% Deposit Scheme)
This federal scheme lets eligible buyers purchase with just a 5% deposit while avoiding Lenders Mortgage Insurance (LMI) entirely — the government guarantees up to 15% of the property value on your behalf.
Key Details
- Deposit required: 5%
- Income cap: None (removed October 2025)
- Price cap: $950,000 for Melbourne and Geelong, $650,000 for the rest of Victoria
- How to apply: Through a participating lender — not directly through Housing Australia
📖 Want the full breakdown — including how it compares to Help to Buy and which lenders participate? Read our dedicated guide: First Home Guarantee Scheme 2026: 5% Deposit, No LMI Explained.
The Help to Buy Scheme
Launched federally in December 2025, Help to Buy is a shared-equity scheme aimed at buyers who need the lowest possible deposit.
Key Details
- Deposit required: As little as 2%
- Government contribution: Up to 30% of the purchase price for existing homes, up to 40% for new homes
- Income cap: $100,000 for singles, $160,000 for couples and single parents
- Price cap: $950,000 for Melbourne
Important: With Help to Buy, the government retains an equity share in your home. This can affect your future equity position and needs to be weighed carefully against the lower deposit benefit.
📖 Want the full breakdown — including what happens when you sell and how it compares to the First Home Guarantee? Read our dedicated guide: Help to Buy Scheme 2026: How the Shared Equity Scheme Works.
First Home Super Saver Scheme (FHSSS)
This scheme lets you save for a deposit inside your superannuation, taking advantage of super's lower tax rate. Eligible buyers can access up to $50,000 per person in voluntary contributions (plus associated earnings) to put towards a deposit.
📖 Want the full breakdown — including contribution caps, tax treatment and how withdrawals work? Read our dedicated guide: First Home Super Saver Scheme (FHSSS) 2026: How It Works.
How to Combine These Schemes
Many first home buyers don't realise these schemes can often be used together. A common combination for an eligible buyer purchasing a new home under $750,000 might include:
- $10,000 FHOG
- Full stamp duty exemption (if under $600,000) or partial concession
- First Home Guarantee (5% deposit, no LMI)
The right combination depends heavily on your income, deposit size, and the type of property you're buying — which is exactly where a broker can help you avoid leaving money on the table.
Steps to Buying Your First Home in Victoria
- Get pre-approved — Understand your borrowing capacity before you start looking.
- Check your scheme eligibility — Confirm which grants and concessions you qualify for.
- Set your budget — Factor in stamp duty (if applicable), legal fees, and moving costs, not just the deposit.
- Find your property — Keep price caps for your chosen schemes in mind.
- Submit your application — Your broker lodges your loan and grant applications together.
- Settlement — Grants are typically paid at or shortly after settlement.
How Be Smart Finance Can Help
Navigating grants, concessions and lender criteria on your own is where most first home buyers lose time — or money. We can help you:
- Work out exactly which schemes you're eligible for and how to combine them
- Compare lenders that participate in the First Home Guarantee and Help to Buy
- Assess your borrowing capacity and get you pre-approved
- Handle your grant and loan paperwork together, so nothing is missed
Frequently Asked Questions
Can I get the FHOG for an established home?
No. The FHOG only applies to new homes — newly built, off-the-plan, substantially renovated, or built on vacant land.
Can I combine the First Home Guarantee with the FHOG?
Yes. Eligible buyers can generally stack the First Home Guarantee with the FHOG and stamp duty concessions, provided they meet each scheme's individual criteria.
Is there an income cap for the First Home Guarantee?
No. Income caps were removed in October 2025. Help to Buy still has income caps, so check which scheme fits your situation.
Do I need a 20% deposit to avoid LMI?
Not necessarily. Under the First Home Guarantee, eligible buyers can purchase with just a 5% deposit and avoid LMI entirely, as the government guarantees part of the loan.
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