First home buyer guide

Get step-by-step information on how to buy your first home in Victoria and where the government can help.

Opening doors to get you in a new home sooner

The Victorian Government is opening doors, so more Victorians can open the door to their own home. That means planning more homes in the communities you want to live, close to trams, trains ands services. Slashing stamp duty on off-the-plan apartments and townhouses and for first home buyers, $10,000 if you’re buying or building a new home.

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1Work out what you can afford

Sort out your finances

Work out a budget so you know how much you can afford to repay every week. You can also figure out how long it will take you to reach your savings goal of a deposit.

Know how much you can borrow and how much your repayments will be. Make sure you factor in interest rate rises.

Understand the costs

Add up your extra costs such as stamp duty, conveyancing fees, inspection fees and rates.

Know what concessions or grants you qualify for

The State Revenue Office has a complete list of all concessions and discounts for First Home Buyers in Victoria, including:

First Home Owner Grant (FHOG) for new builds
Stamp Duty exemption or concession
Principal Place of Residence (PPR) concession

If you’re in the defence forces you may be eligible for theDefence Home Ownership Assistance Scheme (DHOAS).

2Save for a deposit

A deposit of 20% is ideal as you won’t have to pay lender’s mortgage insurance.
Set up a savings account or term deposit or use the First Home Super Saver Scheme for up to $30,000 of savings.
Work out a budget so you’re setting aside money every week. You can also figure out how long it will take you to reach your savings goal of a deposit.
If you’re struggling with affordability, consider the Victorian Homebuyer Fund.

3Research your future home

Check weekly auction results.
Attend property auctions. This is important to get a realistic picture of how much properties are going for compared to the advertised price.
Is private sale an option in your area or will you have to bid at auction? Know your rights and responsibilities for whichever is likely.

4Choose your service providers

You should research and make decisions on the following:

buyer’s agent, mortgage broker or financial adviser
which loan to get, including rates and lenders fees
which solicitor or conveyancer to use
which accredited inspectors to use, for example building inspectors, pest inspectors if you’re buying in a termite prone area

5Get ready to buy

Attend inspections

Short-list a couple of suitable properties and inspect them. Consider bringing someone along to give you reassurance and an unemotional second opinion.
Test travel times to work to make sure the location works.
Sometimes inspections happen during work hours. It can help to talk to your boss about the possibility of time off or flexible work arrangements if you need to do this.

Prepare your paperwork

If you plan to buy at auction, arrange a pre-approved loan. You cannot make the contract of sale subject to finance without the vendor’s agreement if you buy at auction.
Get a statement of information from agents. Ask the agent about any items that appear to be fixtures of the property but could instead be items (personal chattels), which the seller may remove at settlement.
Get a building inspection and pest inspection if one isn’t available and you’ve decided it’s important. If the property was built before 1990, you could also get an asbestos assessment if one isn’t available to see where there may be asbestos present in the home. If buying at auction, make sure you get the inspection report before the auction, as you cannot put conditions on the contract of sale at an auction without the vendor’s agreement. If it’s a private sale see if you can make the purchase subject to a building inspection.
Gather documentation required to apply for home loan and apply for pre-approval. This includes proof of identity, payslips or a tax return to demonstrate repayment capacity, savings account statements or evidence of a deposit.
Make sure your deposit is available, so you can pay when required by the agent.
Develop a strategy for bidding at auction or for making an offer for a private sale.
Understand your cooling-off rights.

6Buy your home

Make your offer

Offers are generally made in writing, through the real estate agent. Be aware that your first offer may not be successful, which can be frustrating. Try to think about the journey as a cycle rather than a linear process. Each offer gives you more knowledge to refine your search.

Finalise negotiations

Exchange the contracts and read them carefully.
Get your legal practitioner or conveyancer to check the section 32 vendor’s statement, the contract of sale and any other documentation for settlement. It is legal to do your own conveyancing, but it is not advisable unless you are a legal or property expert.
Arrange payment of deposit on exchange of contracts.
Negotiate a settlement period that suits you and the current owner.
Gather all the required documentation.

Prepare for settlement

Provide your deposit.
Give notice with your current landlord if you’re renting.
Check all items you believe come with the property are in good working order and stated on the contract of sale.
Finalise the full home loan contract with the lender.
Complete the final inspection. Check everything off in the due diligence checklist provided by the estate agent.
Get mortgage insurance if your deposit is under 20%.
Consider income protection insurance to protect yourself in the event of illness or unemployment so you can continue to meet your mortgage repayments.

7Complete settlement

Pay stamp duty and land transfer fees
Finalise property settlement
Sign full home loan contract with vendor
Receive transferred title deeds and documents
Get home and contents insurance

8Take ownership of your home

Arrange electricity, water and other utilities

Change or move your energy provider from your current home. You can check the best energy provider for you at Victorian Energy Compare.
Water is always turned on at your property. When the previous occupant moves out of a property the water provider takes a final water meter read and closes their account. This means that when you move in the provider sets up your new account as soon as they are informed by your solicitor or conveyancer. If you want to double check (or you did your own conveyancing), find out who services your area using the VicWater Corporation Locator.
Switch off or move your home phone and internet if connecting.

Get the keys

You may want to change the locks to increase security, particularly if the home has been rented out before.
You may also want to paint or change the carpet before moving your furniture in.

Move in

If you need to hire movers, choose someone who’s a member of the Australian Furniture Removers Association. AFRA, the national industry body, provides professional training for members, requires them to carry insurance and to follow a code of conduct.
Begin making payments. At a minimum these will include mortgage repayments, council rates and utilities.
Review your mortgage regularly. You may be able to reduce your mortgage length by making extra repayments or switching banks. You’ll probably also want to buy furniture for your new place so find the right balance for you between enjoying your new home and minimising your debt.

Have a problem after you move in? Consumer Affairs Victoria can help with housing disputes.

Updated 15 August 2025

First home buyer grants and concessions

This page is a guide on how to buy your first home in Victoria. For a complete list of all available first home buyer grants and concessions, visit the State Revenue Office.

See first home buyer grants and concessions

Economic Growth Statement

Mini vic.gov.au

First home buyer guide

Opening doors to get you in a new home sooner

Sort out your finances

Understand the costs

Know what concessions or grants you qualify for

Attend inspections

Prepare your paperwork

Make your offer

Finalise negotiations

Prepare for settlement

Arrange electricity, water and other utilities

Get the keys

Move in

First home buyer grants and concessions

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