Buying Your First Home in Regional Victoria: What You Need to Know

Purchasing your first home is one of the most exciting milestones in life. For many Australians, especially in regional Victoria, the dream of home ownership feels more achievable thanks to affordable property prices, government support, and strong community living.

If you’re considering taking the leap, here’s a step-by-step guide to help you get started.

1. Understand Your Budget

The first step is knowing how much you can afford to borrow. In regional towns like Euroa, Benalla, Shepparton, and Nagambie, the property market can be more affordable compared to Melbourne. This means your deposit may go further, but lenders will still look closely at your income, expenses, and debts.

💡 Tip: Meet with a mortgage broker early to get a borrowing capacity assessment. This gives you a clear picture of what’s possible before house hunting.

2. Save for a Deposit

Most lenders require at least a 5–10% deposit, though a larger deposit can help reduce your repayments and avoid paying Lenders Mortgage Insurance (LMI).

For regional buyers, the Victorian Homebuyer Fund and other initiatives may allow you to enter the market sooner with a smaller deposit.

3. Explore Government Grants & Schemes

First home buyers in regional Victoria have access to several government incentives, such as:

• First Home Owner Grant (FHOG): Eligible buyers may receive a $10,000 grant (or more in regional areas).
• Stamp Duty Concessions: First home buyers may be exempt or receive concessions depending on the purchase price.
• First Home Guarantee (FHG): Buy with as little as 5% deposit without LMI.
• Regional First Home Buyer Guarantee: Designed specifically for buyers in regional Victoria.

4. Get Loan Pre-Approval

Before making an offer, securing a home loan pre-approval gives you confidence and shows real estate agents you’re serious. This outlines how much the bank is willing to lend you, subject to conditions.

5. Work With Local Experts

Regional property markets can be unique, with local demand, zoning, and growth potential varying from town to town. Partnering with local experts—real estate agents, mortgage brokers, and conveyancers—ensures you get the right advice for you and avoid surprises.

6. Don’t Forget the Extras

On top of your deposit, budget for:

• Conveyancing/legal fees
• Building and pest inspections
• Loan application or settlement fees
• Moving costs

Final Thoughts

Buying your first home in regional Victoria is an exciting journey, and the right preparation can make all the difference. With government support, affordable housing options, and the charm of regional living, now could be a good time to take the first step.

At Loan Market Euroa, we specialise in helping first home buyers in towns like Euroa, Nagambie, Benalla and Shepparton. We’ll guide you through every stage of the process from understanding your borrowing power, to finding the right loan for you, and making use of government grants.

👉 Contact Loan Market Euroa today to start your first home journey with a local broker who understands the regional market.

📍 Based in Euroa, proudly serving buyers across regional Victoria.

🌐 https://broker.loanmarket.com.au/euroa