Property · First home
Your first home, with the scheme rules actually explained
The 5% Deposit Scheme, the Victorian grant, stamp duty concessions and Help to Buy all interact. We map what you qualify for before you inspect anything.
as at 15 November 2026
Government schemes, grants and concessions are set by legislation and can change at short notice. Eligibility is assessed by the relevant authority or lender. Figures shown are sample amounts as at 15 November 2026.
Part of the IR Property Group one-roof team
Separate businesses. One roof. One plan.
Where first-home support sits right now
Sample settings as at 15 November 2026 — check the current rules before you act.
The Australian Government 5% Deposit Scheme (formerly the First Home Guarantee) lets eligible buyers purchase with a 5% deposit and avoid lenders mortgage insurance. From 1 October 2025 the scheme was widened: the income caps were removed, places became unlimited, and the price caps rose — for example $950,000 in Melbourne and Geelong and $650,000 in regional Victoria under the sample settings used here.
On top of that sits the Victorian First Home Owner Grant for new homes, Victorian stamp duty concessions for eligible first-home buyers, and Help to Buy shared equity, where the government takes a share of the property in exchange for part of the purchase price.
The trap is assuming they stack neatly. They have different eligibility tests, different price caps and different timing. We check all four against your situation before the search starts, then hand the numbers to your broker and accountant.
What we check on day one
- Which scheme you are eligible for, and which one you are not
- Whether the price cap binds in your target suburb
- How the grant and concession affect your cash at settlement
- Whether a parent guarantee changes the answer
What each one actually does
Deposit and upfront-cost checklist
Budget for all of this, not just the deposit — the extras are where first-home budgets break.
- Deposit, including genuine savings evidence
- Stamp duty after any concession
- Conveyancing and legal review
- Building and pest inspection
- Lenders mortgage insurance, if applicable
- Loan application and valuation fees
- Building insurance from settlement
- Connection fees, moving and immediate repairs
Sample list. Your broker and conveyancer will confirm the exact costs for your purchase.
Six steps from budget to keys
- 01
Step 01
Know your number
Deposit, scheme eligibility, duty concession and a realistic ceiling — before any inspection.
- 02
Step 02
Pre-approval
A lender chosen for first-home eligibility and genuine savings rules, not just rate.
- 03
Step 03
Search and shortlist
Brief, shortlist, inspect. We filter for properties that fit the scheme caps.
- 04
Step 04
Offer and contract
Contract review, building and pest, and negotiation with your conveyancer across it.
- 05
Step 05
Formal approval
Valuation, lender conditions and the grant application, coordinated in the same window.
- 06
Step 06
Settlement and keys
Final inspection, settlement, and your first tax return flagged with the right deductions.
An honest comparison, not a sales pitch
Numbers are illustrative. The right answer depends on how long you stay and what you do with the difference.
| Renting | Buying | |
|---|---|---|
| Upfront cost | Bond and a month in advance | Deposit, duty, legal and inspections |
| Weekly cost | Rent, rising with the market | Repayments, plus rates and maintenance |
| Flexibility | Move at the end of a lease | Selling takes months and costs money |
| Control | Limited — the owner decides | Renovate, keep pets, stay put |
| Long term | No equity; rent continues | Equity builds; repayments end |
as at 15 November 2026
Government schemes, grants and concessions are set by legislation and can change at short notice. Eligibility is assessed by the relevant authority or lender. Figures shown are sample amounts as at 15 November 2026. General information only about buying property in Victoria. It is not personal financial, credit, tax or legal advice. Figures and policy settings change — confirm current details before acting.
How a referral between businesses works
When the right next step sits with another business in the group, we ask you first. You decide whether the introduction happens.
- Client consent first — nothing about you is shared with another business without your agreement.
- Each business advises only within its own licence. IR Property does not give tax or credit advice, GBS advises on tax and accounting only, and Next Step Financing provides credit assistance only.
- Any referral fee, commission or benefit paid between businesses in the group is disclosed to you before you engage.
Common questions
Start with a conversation
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Tell us what you're trying to do and we'll tell you plainly whether property, accounting, finance — or all three — is the right starting point.
Property notes, once a month
Market movement across Melbourne and regional Victoria, tax changes worth knowing about, and lending shifts explained without the spin.