Victorian First Home Buyers Guide

Building your first home is one of life's biggest milestones but knowing where to begin can feel overwhelming. From saving a deposit and securing finance to understanding government assistance and selecting the right home design, there are many decisions to make along the way. Whether you're still researching your options or preparing to start your building journey, this guide has been created to help Victorian First Home Buyers navigate the process with greater confidence. You'll find practical information, helpful insights and an overview of the support available to help make home ownership more achievable.
 

Victorian First Home Buyer Grants and Schemes

A range of government grants, concessions and schemes are available to help make building your first home more affordable. So, explore the information below to see the first home buyer benefits and grants available where you plan to build.

What is a First Home Buyer?

A first home buyer is generally someone purchasing or building their first residential property in Australia. For many people, this means moving out of their family home and becoming independent, you could be looking for more space to grow your family or simply sick of paying rent!

Whatever your reason, becoming a first homeowner marks the beginning of an exciting new chapter. And by building your first home, you may be eligible for a range of government grants, concessions and support programs designed to make entering the property market more achievable. 

Depending on your circumstances and location, these first home buyer benefits may help reduce upfront costs, lower deposit requirements or minimise the amount you need to borrow.

From the First Home Owner Grant through to the Help to Buy scheme, understanding what support may be available is an important part of the home ownership journey.

What are the steps in building your First Home?

Understand Your Budget

Before choosing a home, it's important to understand what you can afford.

Knowing your budget helps set realistic expectations and allows you to focus on homes that match what you want to spend.

For many first home buyers, this is one of the most important early steps, helping create a clear pathway towards home ownership and ensuring you're making informed decisions from the start. 

Explore Grants & Assistance

Research government grants, concessions and first home buyer schemes that may help reduce your upfront costs and make building your first home more affordable.  

Depending on your location and circumstances, you may be eligible for first home buyer benefits designed to help you enter the property market sooner. Understanding what's available before you begin searching can potentially save thousands along the way. 

Get Finance Pre-Approval

A lender or mortgage broker can help determine your borrowing power and provide confidence before you begin searching seriously. 

Burbank can also connect you with our trusted finance partner Livi Lending, to help you understand your finance options, explore available support programs and identify the right pathway for your first home buyer journey. 

Find Your Block

Whether you're purchasing land independently or choosing a house & land package, selecting the right location is one of the most important decisions you'll make. 

Think beyond today's needs and consider future schools, transport, parks and community amenities. 

For many first homeowners, location is about more than convenience. It's about creating a lifestyle and becoming part of a community that supports the life you want to build. 

Choose Your Home Design

Select a home that suits your budget, block and lifestyle. 

The right design isn't just about the number of bedrooms. It's about choosing spaces that support how you live today and in years to come.  

At Burbank, our homes are thoughtfully designed for modern Australian living, helping first home buyers balance affordability, functionality and future flexibility. 

Build With Confidence

Once contracts are signed and approvals are complete, construction begins.

Our team will guide you through each milestone and keep you informed throughout the journey.

From site start through to handover, we'll help make the building process easyier to understand so you can sit back and enjoy watching your new home come to life.

Make Yourself At Home

The paperwork is complete. The boxes are unpacked. A new chapter begins

From everyday moments to life's biggest milestones, your first home becomes the backdrop for memories that will last for years to come

For many first homeowners, this is the moment the journey becomes real. You’re in a place that's truly yours, designed to support the life you want to create – whether that’s room for a growing family or simply extra space to spread out and entertain!

How much can I Borrow as a First Home Buyer?

How much you can borrow as a first home buyer depends on a range of factors, including your income, savings, existing debts, living expenses and credit history. 

Your lender will assess your financial situation to determine your borrowing capacity and the amount you can comfortably repay.

Understanding your budget early in the process will help you choose a home that's right for your lifestyle and finances, while giving you confidence to take the next step.

Am I Eligible for the First Home Owner Grant (FHOG)?

Eligibility for the First Home Owner Grant varies between states but generally applies to people building or purchasing their first new home in Australia. 

To qualify, you'll need to meet criteria relating to residency or citizenship, property value limits and previous property ownership. 

Because the rules differ depending on where you're building, it's important to check the requirements in your state or speak with the Burbank team for guidance.

Not sure what you're eligible for? Our team can help you understand the grants, concessions and first home buyer schemes that may apply to your new home. Get in touch to discuss your options.

First Home Buyer Frequently Asked Questions

Building your first home comes with plenty of questions, from how much you can borrow to which grants and schemes may apply. We've answered some of the most common first home buyer questions to help you feel more confident as you take the next step.
 

In most cases, you're considered an eligible first home buyer if you're purchasing or building your first residential property in Australia and meet the eligibility requirements for the relevant government grant or scheme. These requirements can vary between states and programs but commonly relate to your age, residency or citizenship status, whether you've previously owned property in Australia, and the value of the home you're building. If you're unsure whether you qualify, the Burbank team can help you understand the grants, concessions and first home buyer schemes that are available to you, based on your circumstances.

Eligible first home buyers may be able to avoid paying LMI through the Australian Government's 5% Deposit Scheme, making it easier to get into the property market sooner. 

Not always. Depending on the state you're building in and the value of your property or land, you may be eligible for a full stamp duty exemption or a reduced rate. Before purchasing land or signing a contract, its worth checking what stamp duty concessions are available in your location. 

Every lender has different lending criteria, and your credit score is just one factor they'll consider, along with your income, savings, employment history, existing debts and ability to repay the loan. If you're unsure where you stand, speaking with a lender or mortgage broker is a great way to understand your options before you apply for a loan.

When you build with Burbank, you don't need to navigate the approvals process on your own. Before construction can begin, approvals such as planning or building permits may be required, depending on your land, home design and local council requirements. This is the same for all home building customers, not just first home buyers. Our experienced team will help you with all the necessary approvals, helping make your first home building journey simpler and less stressful.

When you decide to build with Burbank, we make sure all costs are clearly communicated at the beginning of your home building journey. Your lender will also advise you of any fees associated with setting up your loan. Outside of your home build, costs can include government fees, conveyancing, site costs, utility connections and moving expenses. Understanding the full cost of building your first home will help you budget with confidence and avoid unexpected surprises along the way.