The Victorian Government, as with other states and territories in Australia had developed a number of initiatives to help people purchase their first home. Each state has a slightly different incentive, however in Victoria, when purchasing/building a new home you may be eligible for a First Home Owner grant (FHOG):
- Buying or building a new home to the value of $750,000
- Regional Victoria: grant of $20,000
- Metro Melbourne: grant of $10,000
If you a buying a new or established home, you may also be eligible for the First Home Buyer (FHB) Duty Exemption
- One off duty exemption if principle place of residence (PPR) valued to $600,000 or a
- Concessional duty for PPR valued between $600,001 to $750,000
Example of FHB Duty Concession
| Property Value | Normal Duty | Duty after Concession |
| $605,000 | $31,370 | $1046 |
| $625,000 | $32,570 | $5428 |
| $650,000 | $34,070 | $11,357 |
| $675,000 | $35,570 | $17,785 |
| $700,000 | $37,070 | $24,713 |
| $725,000 | $38,570 | $32,142 |
| $745,000 | $39,770 | $38,444 |
To be eligible for FHOG
Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premise.
You’re not eligible for the FHOG if you or your spouse/partner have already:
- Received the FHOG in Australia,
- Owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000,
- Lived in a home in Australia which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months
These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.
- Further to the above conditions, for FHOG and Stamp Duty Concession,
- All FHOG applicants must be at least 18 years of age at settlement
- You (or at least one applicant) must be an Australian citizen or permanent resident
- You (or at least one applicant) must occupy the home as your PPR for at least 12 months, commencing within 12 months of settlement. New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1), are considered to be a permanent resident of Australia. To be eligible, NZ citizens must be in Australia at the time of settlement.
For more information regarding FHOG, Stamp duty concession and buying as foreign resident, go to the State Revenue Office Website:
https://www.sro.vic.gov.au
