What is available at the federal level
- Home Guarantee Scheme from October 2025 expands with no place limits, no income caps, and higher price caps. In Melbourne and Geelong the cap is $950,000 and eligible buyers can purchase with as little as a 5% deposit without LMI through participating lenders.
- First Home Super Saver Scheme lets you save part of your deposit inside super and later withdraw up to $50,000 of voluntary contributions subject to annual limits and rules.
- Help to Buy shared equity is being implemented, with Victoria enabling participation. Timing is expected later in 2025 and final details should be checked before relying on it.
What is available in Victoria
- Stamp duty relief. No duty up to $600,000 with a tapered concession to $750,000. There is also an off the plan concession for certain contracts signed between 21 October 2024 and 21 October 2025.
- First Home Owner Grant. $10,000 for eligible new homes valued up to $750,000.
- Victorian Homebuyer Fund shared equity. For eligible buyers with a 5% deposit, the State can contribute up to 25% equity or up to 35% for Aboriginal and Torres Strait Islander participants, removing LMI and lowering repayments. Check current availability and criteria.
How to use these settings well
Use the access but buy well. Aim for properties with strong fundamentals such as natural light, a functional floor plan, solid build quality, quiet streets, and access to transport and amenities. This helps the home grow in value so you build equity and keep future options open, whether that is upgrading, holding as an investment, or selling. In today’s competitive market decide in advance whether to make a pre auction offer, confirm the agent’s process including any right of reply, and set a firm ceiling. If you want help mapping the best Melbourne pockets in the sub $1m to low $1m range most affected by the 5% deposit settings, we can shortlist options and line up finance checks, due diligence, and the bidding strategy. Just reach out.
Note. Programs have eligibility rules and can change. Confirm current settings with Housing Australia, the ATO and the Victorian State Revenue Office before you commit.