First Home Owner Grant Victoria 2025 Your Essential Guide

1. First Home Owner Grant Victoria 2025: Your Essential Guide Buying your first home in Victoria can feel overwhelming—but the First Home Owner Grant (FHOG) offers a boost to get you in the door. Here's what you need to know in 2025. 1. What Is the FHOG? The FHOG is a $10,000 grant offered by the Victorian Government to eligible first-home buyers who are purchasing or building a brand-new home in Victoria. This support is available for contracts signed on or after 1 July 2013. 2. Who’s Eligible? To qualify for the FHOG, you must: Be a first-time home buyer—neither you nor your spouse/partner have owned or occupied a residential property in Australia since 1 July. Be aged 18 or over (typically required, but sometimes discretionary) and an Australian citizen or permanent resident, or a New Zealand citizen on a special category visa who resides in Australia when the property transaction closes. Intended to use the property as your principal residence within 12 months of settlement—or within 12 months of the home being completed—and live in it for at least 12 continuous months. 3. What Homes Qualify? You must be either: Buying or building a brand-new home (never previously sold or occupied, including short-term use like Airbnb). A property valued at $750,000 or less, whether it's a new build, townhouse, apartment, or substantially renovated dwelling. 4. Important Timing Notice While the FHOG is still active through June 2025, it's under review and may be altered after 30 June 2025. That means its availability—or even the amount—could change soon. If you're planning to purchase, now’s the time to act to ensure eligibility. 5. Other Victorian Support for First Home Buyers

2. ? Stamp Duty Relief Complete exemption from stamp duty on homes up to $600,000. A tapered concession applies between $600,000 and $750,000, gradually increasing duties to the full stamp rate. ? Shared Equity Schemes The Victorian Homebuyer Fund offers up to 25% equity contribution from the Government in exchange for an equivalent share, helping reduce your mortgage size and avoid Lenders Mortgage Insurance. For Aboriginal or Torres Strait Islander applicants: only a 3.5% deposit is required for up to 35% shared equity. 6. How to Apply Most buyers will: 1. Submit the FHOG application via your lender or credit union (who must be an approved agent). 2. Alternatively, if no agent is lodging it for you, apply directly with the State Revenue Office after settlement or completion of construction. You'll need to provide: Proof of identity, Citizenship or residency documents, Evidence of primary residency commitment, The signed contract or building plan documents. 7. Tips & Considerations ✅ The FHOG can sometimes be claimed in addition to stamp duty relief. ✅ Always confirm property value caps—especially for off-the-plan or land-plus-build packages. ✅ Consider additional options like shared equity or the federal First Home Guarantee, which can help buyers with smaller deposits under 95% loan-to- value ratios (ask your lender) 8. Why It Matters for First-Time Buyers In 2025, affordability remains challenging. Even government interest rate cuts may only extend purchasing capacity by around $11,000 per borrower—essentially the same amount as the FHOG itself. That underscores just how meaningful the grant can be in your home-buying journey.

3. 9. Plan Ahead If you're preparing to take a loan, buy, or build for the first time in Victoria: Check your eligibility now, especially before 30 June 2025. Engage with your mortgage advisor or lender early—they can help with both FHOG and additional schemes. Investigate value of shared equity schemes to lower entry costs. ✅ ✅ Final Thoughts The $10,000 FHOG, plus stamp duty relief and shared equity programs, offers real, tangible help for first-home buyers in Victoria. But with potential changes on the horizon after June 2025, timing is key. Whether you're planning to buy soon or simply exploring your options, now’s the time to understand what support you're eligible for—and act before it changes.