Geelong First Home Buyers: Your Complete Guide to the $10,000 Grant, Stamp Duty Exemptions and Federal Schemes
Key takeaways:
- Get $10,000 in cash on the purchase of a new home in Geelong or a substantially renovated one.
- Pay $0 stamp duty on a home valued below $600,000 or a concessional rate on homes between $600,000 and $750,000.
- Buy your first home much sooner with a home loan deposit of just 5%.
First home buyers in Greater Geelong and the Surf Coast have access to several state and federal incentives designed to help them buy their first home. When used together, these programs can significantly reduce the up-front cost of buying or building your first home.
But the rules around the various first home buyers grants in Geelong can be confusing for buyers. This guide will explain which schemes apply only to new homes, which apply to all types of homes and how to combine schemes to give you maximum savings.
The FHOG Geelong cash grant: for new homes only
The First Home Owner Grant (FHOG) is a once-off payment of $10,000 available to eligible first home buyers to buy or build a new home. Note that the former $20,000 regional FHOG no longer exists.
The FHOG only applies to new homes in Geelong under $750,000. Established homes are not eligible, although substantially renovated homes where the renovation costs equal 50% of the property’s value may qualify.
Buyers must meet the following eligibility criteria:
- You must be an Australian citizen or permanent resident, at least 18 years old and buying your first property.
- If you have a spouse or partner, they must also be first-time buyers.
- The home must be your principal place of residence for at least 12 continuous months, starting within 12 months of settlement or building completion.
Stamp duty relief: for all homes
While the FHOG delivers a welcome cash deduction, the biggest saving for first home buyers is often stamp duty exemptions. This applies to both new and established homes across Geelong, Geelong West, Belmont, Highton and Torquay.
First home buyer stamp duty exemption in Geelong is applied according to the property’s value.
For homes valued up to $600,000, you’ll pay zero stamp duty. This can save you $30,000 or more, depending on the purchase price.
While you are researching these areas for value, it is a good idea to read our guide to the safest suburbs in Geelong, which compares Highton, Belmont, and Torquay to help you find a low-risk property.
Stamp duty relief for homes between $600,001 and $750,000 applies according to a sliding scale. The lower the price, the higher the discount. This is why homes priced in the low-to-mid $600,000 price range are popular with many first home buyers. They may fit their budget comfortably, fall within range for the FHOG and attract a higher stamp duty exemption.
There is also an off-the-plan concession available on new apartments and townhouses. Instead of calculating duty on the contract price, duty is calculated only on the land value at the time of contract. This can substantially reduce up-front costs on the purchase of a brand new unit in Geelong.
Combining state grants with federal schemes: for all homes
Beyond state incentives, first-time Geelong buyers can also access federal support to reduce home loan deposit requirements and avoid lenders’ mortgage insurance (LMI).
The 5% Deposit Scheme
The Federal Government’s 5% Deposit Scheme (previously known as the First Home Guarantee scheme) allows eligible buyers to purchase their first home with only a 5% deposit. The government guarantees the other 15%, which removes the need for LMI.
From October 2025, this program was expanded to give more first home buyers access. Property price thresholds were raised, caps on the number of places available each year and income thresholds were removed.
The Help to Buy Scheme
The Victorian Homebuyer Fund, a state-government shared equity scheme which helped buyers purchase with a 5% deposit has ended. Eligible buyers can now apply for the Australian Government Help to Buy Scheme.
Under Help to Buy, you need a minimum 2% deposit. The federal government will contribute up to 30% toward the purchase price (for existing homes) or 40% (for newly built homes).
You will own the home, but the government will proportionally share any gains or losses made when you sell the home or if you buy out the government’s equity share.
To qualify, you must have an annual taxable income at or below $100,000 for individual applicants or $160,000 for single parents and joint applicants, and the property price must not exceed $950,000. If, however, you want to combine it with the FHOG, the property price must be below $750,000.
The Geelong suburb sweet spot
First home buyers who want to stack the FHOG, stamp duty exemption and a federal scheme for maximum savings should focus on new homes up to $600,000. This will give you access to the $10,000 cash grant and full stamp duty exemption.
If you purchase a property between $600,000 and $750,000 you’ll still benefit from a lower stamp duty fee.
Suburbs with strong new-build activity provide the greatest number of qualifying options.
For those considering their first purchase as a long-term wealth strategy, it is a good idea to read our analysis of Geelong investment property, which breaks down yield, growth, and strategic opportunities in Highton, Belmont, and Torquay.
Belmont, for example, continues to offer affordability at a median house price point of around $693,500 as at November 2025, according to PropTrack data.
Torquay and surrounding areas offer numerous house-and-land options and new estates, with median unit prices of $727,500 that fits neatly within the FHOG Geelong price threshold.
Conclusion: Your next step to homeownership
By combining the First Home Owner Grant, stamp duty exemptions and federal deposit schemes, first home buyers in Greater Geelong can reduce their up-front costs by tens of thousands of dollars.
If you are exploring first home buyer grants in Geelong or are unsure of what you qualify for, get in touch with one of our Loan Market mortgage brokers. We specialise in Geelong City and can assess your eligibility across all programs, assist you in applying for grants and help you secure your first home loan with ease.
Ready to find out how much you can save on the purchase of your first home? Contact Loan Market Geelong to speak to an expert mortgage broker who can help you get started on the home loan process.
FAQs
1. How many first home buyer support programs are available to Geelong buyers?
There is only one state cash grant – the $10,000 First Home Owner Grant, which applies only to new homes valued at $750,000 or less. However, Geelong buyers can also access federal support programs, like the 5% deposit and Help to Buy schemes. While these are not cash grants, they can help you buy a home with a deposit as low as 5% so you can enter the property market faster.
2. Should I buy an existing home or build a new one to qualify for a grant?
Only new homes qualify you the $10,000 FHOG and new builds may offer potential off-the-plan savings. Existing homes do not qualify for the FHOG. However, they still qualify for stamp duty exemptions or concessions if priced below $750,000.
3. Can I use more than one first home buyer scheme at the same time?
Yes, you can combine the FHOG, stamp duty exemption and federal government’s 5% Deposit Scheme and Help to Buy scheme. The key is to buy a property that meets the eligibility rules and price caps for each scheme. A broker can provide guidance on the programs that apply to your situation.