Buying your first home in 2025 is a huge step, and with the right incentives, grants, and concessions, it could be more affordable than you think. From stamp duty savings to government-backed home loan schemes, there are multiple ways to reduce upfront costs and make homeownership more accessible. If you’re buying in Melbourne, Kew, Toorak, Malvern East, St Kilda, Richmond, or anywhere in Victoria, here’s what you need to know about the first home buyer grants and incentives available in 2025.

Stamp Duty Exemptions For First Home Buyers

Stamp duty is one of the biggest upfront costs when buying a home, but Victorian first home buyers can access exemptions and discounts to reduce the cost.

• Full exemption: If your property is valued at $600,000 or less, you won’t have to pay any stamp duty—a potential saving of up to $31,070.
• Concession: If your property is valued between $600,001 and $750,000, you’ll receive a discount on a sliding scale.

 Example: If you’re purchasing a home in Malvern East for $650,000, you’ll get a partial discount on stamp duty, reducing your upfront costs.

 Use our Stamp Duty Calculator VIC to estimate how much you could save.

First Home Owner Grant (FHOG) in Victoria

The First Home Owner Grant (FHOG) provides eligible buyers with $10,000 if they buy or build a new home valued up to $750,000.

 Key points:
 The property must be new (never lived in before).
 Applies to both house and land packages or newly built apartments.
 Available across Victoria, including Melbourne, Toorak, and Kew.

If you’re buying an existing home, you won’t qualify for the FHOG, but you may still be eligible for stamp duty exemptions or the Home Guarantee Scheme.

 Check your eligibility for the First Home Buyers Grant VIC.

Home Guarantee Scheme (HGS)

The Home Guarantee Scheme (HGS) helps first home buyers get into the market sooner with a low deposit, without paying Lenders Mortgage Insurance (LMI).

There are three key programs under the HGS:

 First Home Guarantee (FHBG) – Buy with just a 5% deposit, with the government guaranteeing up to 15% of the loan.
 Regional First Home Buyer Guarantee (RFHBG) – Similar to the FHBG but for buyers purchasing in regional areas.
 Family Home Guarantee (FHG) – Allows single parents or single legal guardians to buy with a 2% deposit.

 Example: If you’re purchasing a $700,000 home in Richmond, instead of saving $140,000 (20% deposit), you could buy with just $35,000 (5%) under the First Home Guarantee.

 Fact sheet: Learn more about the Home Guarantee Scheme here.

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme (FHSSS) allows you to save your home deposit faster by using your super fund to hold additional voluntary contributions.

 Withdraw up to $50,000 from your super fund to use as a deposit.
 Lower tax rates on super contributions mean you save faster.
 Couples can each access $50,000, for a combined $100,000 towards a home deposit.

Important: There are strict rules for accessing funds under the FHSSS, and it’s highly recommended that you speak to an accountant before making additional contributions.

 Fact sheet: Find out more about FHSSS here.

Homebuyer Fund – Shared Equity Scheme

The Victorian Homebuyer Fund is a shared equity scheme, where the Victorian Government contributes up to 25% of the purchase price, reducing the amount you need to borrow.

 Key points:
 You must have at least 5% deposit saved.
 The government holds an equity share in your home, which you can repay over time.
 Available for purchases across Victoria, including Melbourne East, Malvern, and St Kilda.

This scheme is not available through mortgage brokers, but we can connect you with participating lenders who can assist with the application process.

Getting Family Support For Your First Home

Many first home buyers receive financial support from parents or guardians in the form of:
 A cash gift to boost savings.
 Acting as a guarantor to help secure a loan without LMI.
 A joint purchase agreement to help with affordability.

If your family wants to help you buy a home, it’s essential to understand the risks and benefits of each approach. Speak with a mortgage broker to explore your options.

 Article: How parents can assist in buying your first home.

Start Your First Home Buyer Journey with Boulevard Finance

Buying your first home is an exciting milestone, but it’s essential to understand all the government incentives, stamp duty exemptions, and loan options available.

At Boulevard Finance, we help first home buyers across Melbourne, Kew, Toorak, Malvern East, Richmond, and beyond navigate the home loan process with expert advice and access to over 60 lenders.

Ready to get started? Contact us today for a free consultation!

 Use our borrowing calculator to estimate your loan amount and start planning your first home purchase.