Finance Jan 13, 2022

2022 First Home Owners Grant, Concessions & Incentives

8 min read

Young couple relaxing in new home.
Young couple relaxing in new home.
Buying your first home in 2022 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 and Melbourne First Home Buyers in terms of concessions, incentives and grants.

Stamp duty exemption or concession

A stamp duty concession is exactly what you think it is – a concession on the amount of stamp duty you are required to pay. A stamp duty exemption is where you don’t pay any stamp duty at all. This applies across Melbourne and Victoria.

If the property you buy is valued at $600,000 or less then you don’t have to pay any stamp duty. That’s right. Nothing. 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 Victoria

The First Home Owners Grant is different to the stamp duty concession in that the government actually gives you money – $10,000 worth if you buy or build a new property in Melbourne or Victoria. 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. If you are buying an established property unfortunately there is no First Home Owner Grant.

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. Quite the savings when coupled with the stamp duty exemption or concession.

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 Guarantee

The First Home Guarantee (formerly First Home Loan Deposit Scheme) is a Federal Government scheme designed to support eligible First Home Buyers nationwide, in Victoria and across Melbourne.  Usually, a deposit of 20% is required to buy your home, however, the NHFIC are guaranteeing 15% of your deposit if you are eligible for the scheme. This means you would only need 5% deposit to purchase your first home. There are limits on the property value but in good news the scheme has been expanded to a further 35,000 borrowers per financial year across 27 different lenders.

Check out our article here for more or download the fact sheet here.

First Home Buyers 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 superstars in our entourage who will help you wrap your head around what you can and can’t do through the FHSSS.

Homebuyer Fund

For eligible home buyers, the Victorian government is contributing up to 25% of a property purchase in a shared equity scheme. This scheme is not available directly through a broker, but we can put you in touch with the lenders who are involved.

HomeBuilder (now closed)

HomeBuilder provided a one-off payment of $25,000 for new builds, off-the-plan purchases or substantial renovations made to existing properties. The HomeBuilder incentive has now ended.

Again, eligibility criteria applies including:

  • Income cap of $125K for a single or $200K for a couple
  • Must be a natural person, a citizen and 18 years old or over
  • Must be in Victoria, fixed to land, suitable as a place of residence and be owned by you
  • House and land value must not exceed $750K
  • Must be a registered builder conducting the build or renovation

There are more terms and conditions depending on your individual scenario, for the full list click here.

HomesVic (now closed)

HomesVic was a shared equity scheme created by the Victorian State government. Applications for HomesVic are now closed.

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 various offerings, there’s a lot of savings for first home buyers to take advantage of – who knows, you may even be eligible to utilise all 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.