New Home Builds & The First Home Buyers Grant
Unlocking Your Path to Homeownership: Government Support for First-Time Buyers
If you’ve been dreaming of owning your own home, now is a great time to take the first step. The Victorian government offers several initiatives designed to help first-home buyers get into the property market sooner. These programs provide financial support, making the process of buying or building your first home more accessible and affordable.Here’s a quick look at the support available:
- First Home Owner Grant (FHOG) You can receive a one-time payment of $10,000 to help with the purchase or construction of a new home valued up to $750,000. The property must be brand new, never been sold or occupied before.
- First Home Buyer Duty Exemption or Concession If your new home is valued under $600,000, you may qualify for a complete land transfer duty exemption. For homes between $600,001 and $750,000, you may be eligible for a reduced duty.
- Victorian Homebuyer Fund This shared equity scheme helps reduce the amount you need to borrow by allowing the government to contribute a portion of the property price.
- First Home Guarantee (FHBG) With this initiative, you can buy your first home with a deposit as low as 5%, and avoid paying costly lenders mortgage insurance. There are 35,000 places available in the 2024-25 financial year.
- Help to Buy Scheme The expanded "Help to Buy" scheme helps lower-income buyers by reducing the deposit requirement. The government can contribute up to 40% of the cost of new homes, significantly lowering your mortgage payments
Learn more about your eligibility requirements:
VIC: FHOGNSW: FHOG / Duty ConcessionQLD: FHOG / Home ConcessionWA: FHOG / Duty EligibilitySA: FHOGACT: FHOG / Duty ConcessionTAS: FHOGNT: FHOGBy taking advantage of these programs, homeownership in Victoria is more achievable than ever. To make the most of these opportunities, our team at iBuildNew is here to guide you every step of the way. Whether you’re looking to build your dream home or take advantage of government incentives, we’ll help you navigate your options and match you with the right builder for your needs.Ready to take the next step? Reach out to iBuildNew today, and let's get you on the path to owning your first home sooner than you thought possible!
Joel Robinson
Joel Robinson is the Editor in Chief at iBuildNew, where he leads the editorial team and oversees the country's most comprehensive news coverage dedicated to the new home building industry. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia's evolving home building and construction landscape.
