14/10/2026
First Home Buyer in Victoria?
Here’s What You Need to Know…
Buying your first home and feeling overwhelmed?
You’re not alone — almost every first home buyer starts with a million questions.
That’s why I’ve put together this simple, no-nonsense guide to help you understand the process, the support available, and how to get started with confidence.
Step 1: Know Your Budget
Before you begin house hunting, it’s important to have a clear picture of:
• How much deposit you’ve saved (or whether family assistance is available)
• How much you can borrow based on your income, debts, and living expenses
• What your monthly repayments might look like
• Additional costs — stamp duty, legal fees, inspections, moving costs, etc.
Not sure where to begin? That’s exactly where I come in — we can work it all out together.
Step 2: Understand the Government Support Available (VIC)
Good news — Victoria offers several incentives for first home buyers:
First Home Owner Grant (FHOG)
• $10,000 for a brand-new home or new build
• Property value must be under $750,000
• If building, the construction contract must also be under $750,000
Stamp Duty Exemption or Concession
• No stamp duty for homes up to $600,000
• Discounted stamp duty for homes priced $600,001–$750,000
First Home Guarantee (formerly FHLDS)
• Buy with just 5% deposit and no LMI
• Property price caps apply
• Must be an Australian/New Zealand Citizen or Permanent Resident
Additional stamp duty savings may also apply for off-the-plan purchases.
Step 3: The Buying Process (Step-by-Step)
Here’s what the typical journey looks like:
Chat to a mortgage broker and get pre-approval
Start house hunting (hello realestate.com.au
& Domain)
Make an offer or bid at auction
Sign the contract — always seek legal advice first
If it’s a private sale, you usually get a 3-day cooling-off period
Get formal loan approval
Complete a final inspection
Settle — and get the keys!
Don’t Forget the Hidden Extras
Besides your deposit, remember to budget for:
• Legal/conveyancing fees
• Building & pest inspections
• Loan application/setup fees
• Moving costs
• Council rates, utilities & home insurance
• Furniture & household essentials
Tips From Me to You
• Don’t borrow to your absolute max — leave room for rate rises
• Try to avoid too many loan enquiries as they may impact your credit score
• Avoid large purchases or new debts before applying
• Pre-approval makes the buying process much smoother
• We’ll discuss fixed vs variable rates, offsets, redraws — all tailored to you
• No question is too small. That’s what I’m here for!
New Build vs Established Home
Both options have their advantages:
New homes may unlock the FHOG and provide stamp duty savings.
Established homes are often in better-located, mature areas and ready to move into.
We can explore what suits you best.
Who Should Be on Your Team?
You don’t have to do this alone. You’ll need:
• A Mortgage Broker (Hi! )
• A Conveyancer or Solicitor
• A Building Inspector (optional but highly recommended)
