Buying your first home is a big deal. It’s not only a huge financial commitment but can be made seriously confusing by all of the jargon and different incentives that are involved.

In this article, we break down what’s available to Victorian first home buyers in terms of concessions, incentives and grants.

Before we go into detail about the benefits, it’s important to make sure you are actually eligible!

You are eligible for the Stamp Duty Concession and First Home Owners Grant if you:

  • Have never claimed on any first home buyer incentives or grants before
  • Have never lived in a property for six months or longer that you’ve owned (in Australia of course!)
  • Your current partner hasn’t claimed any benefits or incentives either (this one gets a lot of people!)

If you tick all of the above boxes, you’re on the right track.


Stamp duty concessions

Stamp duty concessions is exactly what you think it is – paying less stamp duty.

Long story short, if the property you buy is worth less than $600,000 or less then you don’t have to pay any stamp duty. That’s right. Nothing. Zip. Zilch. Nada.

Based on a property of $600,000 that’s a savings of up to $31,070. So it’s a pretty generous chunk of money the state government are forgoing to help you get into your first home.

If the property is worth $600,001 – $750,000 then you pay stamp duty on a sliding scale. Check out our handy calculator here to work what you would have to pay based on property in this bracket.

For a full in depth look at this, check out our previous article here.


First Home Owner Grant

The first home owners grant is different to the stamp duty concession in that the government actually gives you money – $10,000 worth!

With the introduction of the stamp duty concession, the First Home Owners Grant is only available to anyone who is building or buying a brand new property.

To be eligible to receive the $10,000 the First Home Owners Grant in 2018, you need to be buying a house (or unit, apartment, townhouse, etc.)  valued up to $750,000 that has never been lived in OR be building a house (or unit, apartment, townhouse, etc.) valued up to $750,000.

If you are building in or buying a new house in a regional area, then the First Home Owners Grant increases to $20,000!

There are some other criteria too, check whether you are eligible online here by answering a few questions on the State Revenue Office site.


First Home Super Saver Scheme 

The First Home Super Saver Scheme lets you save money in your superannuation, allowing you to save faster than outside super thanks to concessional tax treatment within your super fund.

You can make extra contributions either before (concessional) or after tax (non-concessional) into your super fund and withdraw up to the cap of $15,000 in any one year and up to $30,000 across all years. This is an individual cap, so couples can save up to $60,000 total.

We would very strongly recommend speaking to an accountant before you decide to engage in the First Home Super Saver Scheme. It’s a pretty confusing area and there are quite a lot of rules and regulations that you’ll need to adhere to.

Get in touch if you’d like to chat to an accountant, we have some absolute super stars in our entourage who will help you wrap your head around what you can and can’t do through the FHSSS.



HomesVic is a shared equity scheme created by the Victorian State government. In a nutshell, the government has said they will chip in (interest free) up to 25% of the value of the property for you so you don’t have to take out as big a loan and require only a 5% deposit. But it means they take up to 25% interest (or ownership) of the property. When it comes time to sell the property, you’ll need to pay them back up to 25% of what the property sells for.

We’ve written a pretty in-depth article on this already, check it out over here.


Between the four, there’s a lot of savings for first home buyers to take advantage of – who knows, you may even be eligible to utilise all four of these incentives!

To discuss getting into your first home, get in touch with the Entourage team via or phone us on 03 9421 1651.