We're based in Sydney, but a lot of our clients buy interstate, and Melbourne has become one of the more affordable capitals to buy in after prices eased through 2026. If you're a first home buyer in Victoria, here's the help available and how it fits together.
Stamp duty in Victoria
Victoria's land transfer duty is among the highest in the country if you don't qualify for a concession. First home buyers get significant relief:
- Up to $600,000: full exemption
- $600,001 to $750,000: sliding-scale concession
- Over $750,000: no first home buyer concession
On a $600,000 purchase, the exemption saves around $31,000.
You'll need to live in the home as your principal place of residence for at least 12 months, starting within 12 months of settlement.
Off-the-plan concession
Victoria has a temporary concession for off-the-plan apartments, units and townhouses that lets duty be calculated on a reduced value, essentially excluding construction that happens after you sign. It was extended to 20 October 2026, so check the current status with the State Revenue Office before relying on it for a new contract.
First Home Owner Grant (Victoria)
- Amount: $10,000
- Property: new homes only
- Cap: $750,000 property value
Like NSW, established homes don't qualify. The grant is usually paid at settlement for a new home, or with the first progress payment if you're building.
Federal schemes in Victoria
5% Deposit Scheme
Price caps in Victoria are $950,000 for Melbourne and regional centres, and $650,000 for the rest of the state. No income caps and no limit on places.
Help to Buy
The Melbourne price cap is $950,000. The state's own shared equity program, the Victorian Homebuyer Fund, has closed to new applicants, so Help to Buy is now the main shared equity option.
First Home Super Saver
Works the same nationwide: up to $15,000 a year and $50,000 total per person.
A Melbourne example
Aisha is buying a two-bedroom apartment in Brunswick for $585,000.
- 5% Deposit Scheme: $29,250 deposit, no LMI
- Stamp duty: $0 (under $600,000)
- First Home Owner Grant: $0 (it's an established apartment)
Her main cash needs are the deposit, conveyancing and inspections. Had she paid full duty, she'd need roughly $30,000 more.
Things to watch in Victoria
Land tax and investor rules. If you later rent out your first home, Victoria's land tax settings for investors are tougher than many states. Factor that in if you plan to keep it as an investment.
Owners corporation fees. Many Melbourne apartments have owners corporation (strata) fees that are high relative to the purchase price. Lenders count these when assessing your budget.
Small apartments. Some lenders won't lend at high LVRs on apartments under a certain size, often 40 or 50 square metres internal. Check before you fall in love with a studio.
Market conditions. Cotality reported Melbourne values down 6.2% over the year to September 2026. That's created opportunities, but buy something you'd happily hold through the cycle.
Buying in Victoria while living in NSW
You don't need a Victorian broker. We arrange loans for properties anywhere in Australia, and settlement is done electronically. You'll want a Victorian conveyancer, because contract and settlement rules differ from NSW.
If you're buying to live in, you need to actually move there to meet the residence conditions. If you're buying an investment, first home buyer concessions won't apply.
Frequently asked questions
Is there a stamp duty concession for non-first home buyers in Victoria?
There's a principal place of residence concession for homes up to $550,000, but first home buyer concessions are much more generous.
Can I get the Victorian grant on a house-and-land package?
Yes, if the combined value is $750,000 or less and you meet the other conditions.
Is the Victorian Homebuyer Fund still open?
No, it has closed to new participants. The federal Help to Buy scheme is the replacement option.
Buying your first home in Melbourne or regional Victoria? Call Finfident on 0424 545 654. We'll check the concessions and line up a lender that suits.
This article is general information only and doesn't take into account your objectives, financial situation or needs. Figures, rates and scheme rules are current as at October 2026 and can change. Finfident Finance Brokers (ABN 94 679 280 801) is Credit Representative 569374 of Outsource Financial Pty Ltd (ACN 131 090 705), Australian Credit Licence 384324.