Victoria offers several schemes to help first home buyers in 2026, potentially saving you tens of thousands of dollars. However, eligibility criteria, income caps, and property price caps apply to each, and these are reviewed regularly – getting this right upfront is crucial.
What stamp duty help is available?
Purchases under $600,000 are fully exempt from stamp duty, saving up to $31,000. A sliding concession applies to purchases between $600,000 and $750,000. This can significantly reduce upfront costs, especially in the current market.
What federal schemes can I access?
The First Home Guarantee allows eligible buyers to purchase with a 5 percent deposit without paying Lender’s Mortgage Insurance (LMI). A Regional First Home Buyer Guarantee is also available for eligible areas. These schemes reduce the deposit hurdle, making home ownership more achievable.
Is there any government co-ownership available?
The Help to Buy scheme sees the government co-purchase up to 40 percent of your home, available to eligible low-to-middle income earners. This reduces your loan size and repayments, but eligibility is tightly controlled.
The honest reality
Eligibility criteria, income caps, and property price caps apply to each scheme and are reviewed regularly. Speak with a mortgage broker experienced in Victorian first home buyer schemes *before* you start your search. Getting this right upfront can save you tens of thousands of dollars, or mean you miss out entirely.
Questions to consider
- What deposit can I realistically save, and how does that align with the First Home Guarantee?
- Do my income and the property I’m considering fall within the Help to Buy scheme’s eligibility criteria?
- How will the stamp duty exemption or concession impact my overall budget, and what suburbs fit my price range?
Talk to KR Peters for a straight-talking appraisal with no obligation.
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Market information is general in nature and reflects conditions
at the time of publication. For advice specific to your property,
contact KR Peters.