Can You Get the VIC First Home Buyers Grant for an Established Home?
Can You Get the VIC First Home Buyers Grant for an Established Home?
One of the most common questions we hear at Eagle Home Loans is:
“Can I get the VIC First Home Buyers Grant if I’m buying an established home?”
The short answer?
No established homes do NOT qualify for the First Home Owner Grant in Victoria.
But don’t panic just yet. There are still other incentives available.
Let’s break it down clearly.
What Is Considered an “Established Home” in Victoria?
An established home is:
- A property that has been previously lived in
- A resale property
- A home that is not newly built or substantially renovated
Even if the home is only a few years old if someone has lived in it before, it is considered established.
Why Established Homes Don’t Qualify for the Grant
The First Home Buyers Grant VIC is designed specifically to:
- Encourage construction of new housing
- Boost new developments
- Increase housing supply
Because of this, the grant is limited to:
- Newly built homes
- Off-the-plan purchases
- Substantially renovated homes (meeting strict criteria)
If you’re buying an existing house or apartment that has already been occupied, you will not qualify for the $10,000 new home grant Victoria.
What Happens If You Apply Anyway?
If you apply for the grant on an established home:
- Your application will be rejected
- Settlement delays may occur
- You may need to restructure your loan
- You risk financial stress close to completion
This is why confirming first home buyers grant VIC eligibility before signing contracts is critical.
Good News: You May Still Qualify for Other Incentives
Even if you can’t get the grant, you may still be eligible for:
Stamp Duty Concessions in Victoria
First-home buyers purchasing under certain thresholds can receive:
- Full exemption
- Or significant reductions
This can save tens of thousands of dollars.
First Home Guarantee (Low Deposit Scheme)
This allows eligible buyers to:
- Purchase with as little as 5% deposit
- Avoid Lenders Mortgage Insurance (LMI)
This is often more valuable than the $10,000 grant.
Competitive First Home Buyer Loan Options
Even without the grant, the right first home buyer loan Victoria structure can:
- Reduce upfront costs
- Improve approval chances
- Lower long-term interest expenses
At Eagle Home Loans, we help buyers compare multiple lenders to find the best structure especially when the grant isn’t available.
Should You Choose a New Home Just to Get the Grant?
Not necessarily.
While the $10,000 grant is helpful, it shouldn’t dictate your entire property decision.
Sometimes:
- An established home in a better location
- Lower purchase price
- Better growth potential
Can outweigh the grant benefit.
The key is running the numbers properly.
Final Verdict
If you’re buying an established home in Victoria:
You cannot access the First Home Buyers Grant VIC
But you may still qualify for other first home buyer incentives VIC
Before committing to a contract, it’s important to understand:
- What incentives apply
- How your loan will be structured
- What your real upfront costs will be
FAQs – Home Loan Pre-Approval Delays Australia
Can I get the VIC First Home Buyers Grant for an established home?
No. The grant is only available for new homes, including newly built, off-the-plan, or substantially renovated properties. Established homes do not qualify.
What is considered an established home in Victoria?
An established home is a property that has been previously lived in or resold. Even if it’s only a few years old, it is still classified as established if it has been occupied before.
Are there other incentives available if I buy an established home?
Yes. You may still qualify for stamp duty concessions, the First Home Guarantee Scheme, and competitive first home buyer loan options in Victoria.