09/09/2025
If you're a first-time homebuyer in Victoria, October 2025 marks a significant shift in the landscape of government support.
The Victorian Government is introducing several new initiatives aimed at making homeownership more accessible and affordable. Here's what you need to know...
1. First Home Owner Grant (FHOG) Adjustments
The FHOG remains a cornerstone for first-time buyers. As of October 2025:
Grant Amount: Eligible buyers can receive a $10,000 grant for purchasing or building a new home.
Property Value Cap: The home must be valued at $750,000 or less.
Eligibility Criteria:
Applicants must be first-time home buyers.
The property must be new (not previously lived in or sold).
Applicants must move in within 12 months and live there for at least 12 months.
Must be Australian citizens or permanent residents.
These adjustments aim to streamline the process and ensure more first-time buyers can benefit from the grant.
2. Stamp Duty Concessions
To further ease the financial burden:
Full Exemption: First-time buyers purchasing homes valued $600,000 or less will be fully exempt from stamp duty.
Concessions: For properties valued between $600,001 and $750,000, a sliding scale concession applies.
These concessions can lead to substantial savings, making homeownership more attainable.
3. First Home Guarantee Scheme
The federal government's First Home Guarantee Scheme continues to support first-time buyers:
Deposit Requirement: Eligible buyers can purchase a home with a 5% deposit without paying Lenders Mortgage Insurance (LMI).
Expanded Eligibility: From October 1, 2025, the scheme's eligibility criteria and price caps have been expanded, allowing more buyers to take advantage of this initiative.
4. Shared Equity Schemes
The Victorian Government is introducing shared equity schemes, such as the BuyAssist program, where the government co-invests in the property.
This initiative aims to reduce the deposit required and make homeownership more accessible for low to moderate-income earners.
🔑🔑In Summary:
The upcoming changes in October 2025 reflect a concerted effort by both the Victorian and federal governments to support first-time homebuyers.
With increased grants, stamp duty concessions, and expanded eligibility for the First Home Guarantee Scheme, now is an opportune time to explore your options and take the next step toward home ownership.
For personalised advice and to understand how these changes apply to your situation, consider consulting with a property expert or financial advisor.