First home buyers Melbourne.
Victoria has the most generous first-home stamp duty exemption in Australia ($600K threshold), an off-the-plan concession on top, plus federal Home Guarantee for 5 percent deposit no LMI. Stacked correctly, qualifying Melbourne FHBs can get in with less friction than anywhere else in the country.
Four reasons VIC first-home has the best schemes.
Victoria runs the most generous first-home stamp duty regime in Australia. Stacked with federal HGS, it creates the lowest-friction entry path nationally for qualifying buyers.
Victoria has the best off-the-plan concession in Australia
VIC offers a full stamp duty concession on eligible off-the-plan apartments and townhouses for first home buyers under the price cap. That can save $20K to $40K in stamp duty. The trap: many Melbourne off-the-plan apartments fail at-valuation on completion. We model concession savings AGAINST valuation risk.
VIC stamp duty exemption is property-specific
Full first-home stamp duty exemption applies under $600K (established or new). Partial concession up to $750K. Above that, no concession (and VIC stamp duty above $1M is among Australia's highest). Where you buy in Melbourne determines whether you pay $0 duty or $55K+ duty on the same income.
Federal HGS stacks with VIC concession
Federal Home Guarantee Scheme (5 percent deposit, no LMI) combines with the VIC stamp duty exemption for FHBs. Combined: 5 percent deposit + zero stamp duty on eligible Melbourne purchases under $600K. Lowest-friction entry path in Australia for qualifying buyers.
Melbourne FHB price caps shape suburb choice
The federal HGS regional price cap for Melbourne is currently around $800K to $900K (varies). VIC stamp duty exemption caps at $600K. Combine both = stay under $600K for max benefit. That focuses you on Melbourne's west, north and outer south-east — the growth corridors. Inner ring is rarely accessible to FHB schemes.
From renter to owner, four phases.
Position + scheme eligibility
Income, savings, deposit timeline, target Melbourne region. We map which VIC + federal schemes you qualify for.
Lender + structure
Lender selected for your scheme + property type. Structure designed for first-home protection + future flexibility.
Find the property
Buyers agent support optional. We ensure contracts include cooling-off, finance condition, building/pest rights.
Settle + 12-month review
Conveyancing, settlement, key handover. 12-month review as life stabilises.
Six schemes worth knowing.
Federal Home Guarantee Scheme (HGS)
5% deposit, no LMI. Income caps ($125K single / $200K joint). Melbourne regional price cap applies. Limited allocations annually — apply early.
VIC First Home Buyer stamp duty exemption
Full exemption under $600K (established or new). Partial concession $600K to $750K. Nothing above $750K. Often the single biggest saving for Melbourne FHBs.
VIC Off-the-Plan concession
Up to 100% stamp duty concession on eligible off-the-plan apartments/townhouses for FHBs under price cap. Save $20K to $40K typical. Valuation risk on completion is real — we model both sides.
First Home Owner Grant (VIC)
$10K grant for new-build homes only (off-the-plan or land-and-build). Doesn't apply to established stock. VIC price cap currently $750K for grant eligibility.
First Home Super Saver Scheme (FHSSS)
Withdraw up to $50K of voluntary super contributions for deposit. Effective for PAYG salary sacrificers. Application + release ~3-4 weeks.
Family guarantor loan
Parent's property equity as additional security. Removes LMI, can let you in with 5% or zero deposit. Risk to family member is real.
Scheme details from State Revenue Office of Victoria, federal Home Guarantee Scheme guidelines + ATO FHSSS guidance. Thresholds change periodically; we confirm current values at engagement.
What Melbourne first-buyers ask us most.
What's the cheapest way to buy a first home in Melbourne?
Federal Home Guarantee Scheme (5% deposit, no LMI) + VIC first-home stamp duty exemption (under $600K). On a $580K Melbourne purchase, that's as low as $29K deposit + ~$3K legal/inspection. Lowest-friction path nationally for qualifying buyers.
Should I buy off-the-plan in Melbourne for the stamp duty concession?
Maybe — but be cautious. The VIC OTP concession can save $20K to $40K, but Melbourne off-the-plan apartments have a poor track record of meeting at-valuation on completion (creating settlement shortfall). We model concession savings AGAINST valuation risk before recommending.
How does the federal HGS work with the VIC scheme?
They stack. HGS handles the deposit + LMI side (5% deposit, no LMI). VIC stamp duty exemption handles the duty side. Both apply if you're eligible for each and the property is under both price caps. Most efficient FHB structure in Australia right now.
What's the income cap for the federal HGS?
Currently $125K for single applicants, $200K for joint applicants (changes annually with budget). Income tested against ATO notice of assessment from prior financial year.
Can my first Melbourne home be an investment property?
Yes — many FHB clients buy with both lenses. Live in it for the minimum scheme period (typically 6 to 12 months), then convert to investment and upgrade. Must work as investment too, not just emotional appeal.
How much do I need saved before approaching you?
Depends on price band. For HGS purchase under $600K, around $30K to $40K covers 5% deposit + minor costs. For $600K to $750K, you need closer to $50K to $70K. Above $750K (no stamp duty relief), significantly more.
Can my parents help with the deposit through a guarantor?
Yes. Parent's property equity used as additional security. Removes LMI, can let you in with 5% or zero deposit. Risk: their property is exposed if you default. We walk through guarantee period + exit timing before recommending.
What if I'm self-employed in Melbourne?
More restrictive but doable. Some lenders accept 1 year of full tax returns; standard is 2 years. BAS-based income (low-doc) works at higher rates. HGS requires specific income evidence that can be challenging for some self-employed structures.
Pair with finance + acquisition.
Buy your first Melbourne home using every scheme you qualify for.
Book a 15-minute Melbourne FHB call. We will map scheme eligibility and tell you honestly when you\'re ready.