First Home Owner Assistance in Victoria: Key Information for Buyers

At Loans AU, we are excited to provide essential information to first home buyers in Victoria. If you’re considering purchasing your first home, here’s what you need to know about the government support available to you.


First Home Owner Grant (FHOG)

As a buyer of a new home priced up to $750,000, you may be eligible for a FHOG of $10,000. To qualify, the home must not have been previously sold or occupied.


Understanding Stamp Duty

When you buy your home, you will likely need to pay land transfer duty, commonly referred to as stamp duty. The amount you owe depends on several factors, including:

  • The value of the property
  • The intended use of the home
  • Your status as a foreign purchaser
  • Any exemptions or concessions you may qualify for


Exemptions and Concessions

In Victoria, there are various exemptions and concessions that you might be eligible for, including:

  • First-home buyer duty exemption: A one-time exemption for a principal place of residence valued up to $600,000, or a concession for residences valued from $600,001 to $750,000. This is separate from the FHOG, where the grant is a direct payment, while the duty exemption and concession reduce the amount of stamp duty you pay.
  • First-home buyer reduction: A one-time duty reduction of up to 50% for a principal place of residence valued at $600,000 or less if the contract was signed before July 1, 2017.
  • Off-the-plan concession: A duty concession applicable for off-the-plan properties, whether as a land and building package or a refurbished lot.
  • Pensioner concession: A one-time duty exemption or concession for newly constructed or established homes valued up to $750,000.
  • Principal place of residence (PPR) concession: A duty concession for properties intended as your primary home, valued up to $550,000.
  • First-home owner with family exemption: A one-time exemption for properties valued at $200,000 or less.
  • Young farmer’s exemption: A one-time duty exemption or concession for young farmers purchasing their first farmland property.

Assessing Your Eligibility for FHOG

If you sign your contract on or after July 1, 2013, and are buying or building a new home valued at $750,000 or less, you may qualify for the FHOG. Importantly, the property must not have been previously sold, occupied as a residence, leased out, or used for short-term accommodation like Airbnb.

You will not be eligible for the FHOG if you or your spouse/partner have already:

  • Received the FHOG in Australia
  • Owned a home or residential property in Australia before July 1, 2000
  • Lived in any home owned or co-owned by you or your partner after July 1, 2000, for a continuous period of at least six months

However, you may still qualify if you have purchased property after July 1, 2000, but have not lived there as your home.


Application Process for the FHOG

Typically, your bank or credit union will submit the FHOG application on your behalf. Verify this with them. If you need the grant for settlement or initial drawdown, you must lodge with an approved agent.

If an approved agent is not submitting the application on your behalf, you can lodge your application directly with us. Applications can only be submitted after the completion of the eligible transaction.


Additional Support

If you have faced family or domestic violence impacting your ability to meet residency requirements, you may be eligible for ex gratia relief under specific conditions. You may apply for a duty reassessment if you believe you overpaid due to not claiming available benefits.


Final Thoughts

Our mission at Loans AU is to help you navigate the complexities of homeownership and to ensure you receive all available benefits efficiently. If you are considering your first home purchase in Victoria, please reach out to us for guidance and support. Together, we can make your dream of owning a home a reality!

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