VIC first home buyers
VIC First Home Owner Grant
The Victorian First Home Owner Grant is a one off payment of $10,000 from the Victorian government to eligible first home buyers who purchase or build a new home in Victoria, including homes bought off the plan.
This guide is maintained by Mortgage Broker Waurn Ponds, part of the Your Mortgage Broker Waurn Ponds network, and is reviewed against the State Revenue Office rules as they change. Below we cover eligibility, the value cap, duty relief and how to apply.
What It Is Worth Right Now [surprising fact]
The figure most buyers still quote is the old regional payment, which was higher and applied across country Victoria. That scheme is closed and does not apply to any contract signed today, yet it lingers in forums, articles and well meaning advice from friends who bought years ago. The current payment is $10,000, one amount paid statewide, with no metropolitan or regional split. Planning your deposit around a larger figure risks a shortfall landing at the worst possible moment, so confirm the number on the SRO page rather than in a comment thread.
Who Qualifies [direct]
The SRO sets out a fixed list of conditions, and every one of them must be met at settlement or completion of the build:
Age and legal capacity
Citizenship or residency
First ownership test
The property itself
The value cap
Occupancy undertaking
Which Properties It Covers [quick win]
A lot of confusion comes from buyers assuming the grant follows the buyer rather than the property. It does not, so this table puts the distinction in one place:
| Property situation | Grant? | Duty relief? |
|---|---|---|
| New home, never sold or occupied, up to $750,000 | Yes, $10,000 | Exemption under $600,000, concession to $750,000 |
| Off the plan, contract price up to $750,000 | Yes, on the contract price | Yes, under the same duty thresholds |
| Substantially renovated home | Yes | Yes |
| Home built to replace a demolished one | Yes | Yes |
| Established home, any price | No, never | Yes, if under $750,000 |
| Vacant land to build a first home | No, grant applies to the home | Duty relief applies |
| Home previously leased or used for short stay | No | Depends on the duty test |
Source for the grant rules: SRO First Home Owner Grant overview. Source for duty relief: first home buyer duty exemption or concession.
Why The Rule Bites Here [pain point]
The grant only pays on new or substantially renovated stock, and the new home must sit under the $750,000 cap, so the local market's shape decides how often the grant is actually usable in Waurn Ponds rather than in principle.
Median And The Cap
The suburb's dwelling stock is dominated by separate houses, at 97.6 per cent of all dwellings, with essentially no apartment supply at all. That matters because house and land packages and recent sales in growth corridors can push above the $750,000 cap quickly, and a buyer must confirm the contract or completed value sits under it before relying on the payment.
Where Eligible Stock Actually Sits
Building activity here ranks in the 91st percentile within Victoria, with 921 dwelling approvals across the last five years. That pipeline is where grant eligible new stock comes from: newly completed houses in fresh stages, off the plan contracts on yet to be built allotments, and builder display stock reaching completion. The eligible homes are concentrated in the newest stages rather than spread evenly through the suburb.
The Gap Between Eligible And Desirable
The suburb's established housing leans large: 55.5 per cent of dwellings hold four or more bedrooms, and the older, more desirable streets with bigger blocks and mature gardens are exactly the established homes the grant never touches. A buyer who falls in love with a five bedroom brick veneer on a quarter acre should assume no grant at all, and plan the deposit accordingly rather than pencilling in $10,000 that will never arrive.
What That Means For Your Search
Practically, the grant in Waurn Ponds points you toward the newest releases and off the plan contracts, where the cap, the new build rule and the duty thresholds line up. That trade off, new stock in a greenfield stage versus an established home elsewhere with duty relief only, is a genuine decision, and it is worth making with first home buyer loan guidance alongside the grant arithmetic.
How It Stacks With Duty Relief [curiosity gap]
The duty scheme is separate, has different thresholds, and covers homes the grant never will, so the two interact in ways that surprise most buyers:
New home under $600,000
New home between $600,001 and $750,000
Established home under $750,000
Vacant land to build
Once only
How it works
How To Apply And When Money Arrives [quick win]
The mechanics are straightforward, but deadlines and eligibility checks are unforgiving, so the sequence matters:
- 1
Lodging Through Your Lender
Most applications are lodged through an approved agent, which in practice means your lender, at the time you apply for your home loan. Your broker coordinates the paperwork with the loan application so the grant claim is lodged alongside it, and this is usually the smoothest path because the lender already holds your identification and contract documents.
- 2
Lodging Directly With The SRO
Buyers who build without a lender involved, or who settle outside a standard lending process, can apply directly to the State Revenue Office. The documentation burden sits with you in that case, so contract, evidence of citizenship or residency and occupancy details all need to be assembled and submitted by you rather than handled at loan lodgement.
- 3
The Application Deadline
The claim must be lodged within 12 months of settlement for a purchase, or within 12 months of completion of construction for a built home. Missing that window forfeits the payment entirely, and there is no discretion to revive a late application, so the date belongs in your calendar the day you sign.
- 4
When The Money Actually Lands
The SRO does not publish a fixed payment timeline, so no specific dates can be promised here. Payment is made once the eligible transaction completes, which for a purchase means after settlement and for a construction project means after completion, so plan your cash flow as though the $10,000 arrives at the end of the process rather than the start.
Worth knowing early
What Gets An Application Knocked Back [consequence]
These are the failure modes the SRO sees repeatedly, and every one of them was avoidable with a check before the contract was signed:
- Buying established and assuming it qualifies The single most common knock back, where a buyer of an existing home assumes the grant applies to any first purchase. It never does, at any price.
- A leased or short stay property A home that looks new but has been rented out or listed on short stay platforms before purchase fails the never occupied test, so buyers of near new stock need to confirm its history in writing.
- Contract price over the cap A purchase above $750,000 fails outright, and off the plan buyers should note the cap applies to the contract price, which can work for or against you depending on how the deal is structured.
- Occupancy failures Not living in the home for the full 12 continuous months, or moving in later than 12 months after settlement or completion, can cost the grant, and the SRO does check compliance with the undertaking.
- Prior ownership or a prior grant A partner who owned a home years ago, even one they never lived in for six continuous months on or after 1 July 2000, can disqualify a joint application, so both applicants' histories need checking before lodgement.
- Applying as a company or trust The scheme is for natural persons only, so a purchase structured through a trust for asset protection reasons forfeits eligibility, which is a trade off worth understanding before you choose the structure.
- Missing the 12 month deadline Applying more than 12 months after settlement or completion ends the claim, full stop, regardless of how strong the eligibility case otherwise was.
Where we work
Areas We Service
Based in Waurn Ponds, Your Mortgage Broker Waurn Ponds works with first home buyers across Geelong's southern corridor, including Ceres, Wandana Heights, Highton, Grovedale, Mount Duneed and Mount Moriac.
Questions answered
Frequently Asked Questions
How much is the VIC First Home Owner Grant worth?
The grant pays a one off $10,000 per eligible transaction, statewide. The separate regional Victoria grant is a closed scheme and no longer applies to current contracts.
Can I get the grant on an established home?
No. The grant covers new homes, substantially renovated homes and homes built to replace a demolished one. Established homes never qualify, at any price.
What is the property price cap for the grant?
The home must be valued at up to $750,000. For off the plan purchases, the cap applies to the contract price rather than the completed value.
Do I have to live in the property to keep the grant?
Yes. At least one applicant must live there as their principal place of residence for 12 continuous months, starting within 12 months of settlement or completion.
Is the grant different from stamp duty relief?
Yes, they are separate schemes. The grant is $10,000 for new homes only, while the duty exemption or concession applies to new and established homes under its own thresholds.
How long does the grant take to arrive?
The SRO does not publish a fixed payment timeline. Payment is made once the eligible transaction completes, so budget as if the money arrives after settlement or construction completion.
Mortgage broker for Waurn Ponds and the suburbs around it
Get In Touch
If you are weighing a new build against an established purchase, the grant and duty outcomes differ enough that the structure of your loan should follow the property choice, not precede it. Call (03) 9122 8521 to talk it through with Your Mortgage Broker Waurn Ponds, credit representative 370592. Trust signals: published fee structure, a panel of lenders, and a documented process with real timelines.