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A Guide to Government Grants for First-Time Homebuyers: What You Need to Know

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Buying your first house is a significant investment and a major step toward achieving the dream of having a place to call your own. For first-time buyers, the journey may seem daunting, however, if you’re considering buying in regional Victoria, there are several grants and incentives available that can help make the process more affordable.

  1. Home Guarantee Scheme (HGS)

The Home Guarantee Scheme in Victoria is a government initiative designed to help eligible Australians purchase a home sooner. Managed by Housing Australia, the scheme includes three different guarantees:

  • First Home Guarantee: This allows first-home buyers to secure a new or existing home with only a 5% deposit, a great option for low- and middle-income earners or those who haven’t owned a property in Australia in the last 10 years.
  • Family Home Guarantee: Aimed at single parents, this guarantee helps them buy their first home or re-enter the property market with as little as a 2% deposit.
  • Regional First Home Buyers Guarantee: Tailored for those looking to buy their first home in regional areas, this scheme is similar to the First Home Guarantee but specifically for regional buyers. This could be a great option for you if you’re planning to buy in regional Victoria.

For more details on eligibility for the Home Guarantee Scheme, click [HERE].

  1. First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme allows individuals to make voluntary contributions to their superannuation fund, which can later be withdrawn for use as a deposit on a house. You can contribute up to $15,000 each year, which can be accessed to buy your first home. This savings strategy not only encourages regular saving but also offers tax benefits, making it a valuable tool for those looking to enter the property market in regional Victoria.

To find out more about eligibility, click [HERE]

  1. Victorian Homebuyer Fund

Launched in 2021, the Victorian Homebuyer Fund provides low-interest loans to first-home buyers. With just a 5% deposit, the Victorian government may contribute up to 25% of the purchase price, which is interest-free and repayment-free for the first five years.

For more details on the Victorian Homebuyer Fund, click [HERE]

  1. Stamp Duty Concession

First-home buyers in Victoria can also benefit from stamp duty concessions. If you purchase a property up to $600,000, you may be exempt from paying any stamp duty. For properties priced between $600,001 and $750,000, a concession is available. These savings can significantly reduce the cost of buying your first home in regional Victoria.

Find out more about the Stamp Duty Concession [HERE]

These grants and schemes offer substantial support to first-time buyers in regional Victoria, making the dream of homeownership more accessible. Whatever style of home you are looking for there are numerous options available to help you get started on your home-buying journey.