Buying your first home is one of life’s biggest milestones. In today’s market, it can feel like a challenge. Fortunately, both the Victorian and Federal Governments offer a range of grants, incentives and schemes designed to make home ownership more accessible, especially for first home buyers considering off-the-plan apartments.
At Norus Projects, we understand the importance of maximising every available advantage, so let’s unpack the current grants and incentives available to first-home buyers in Victoria and explain how purchasing off-the-plan can help you get the most out of them.
What is it?
The FHOG is a $10,000 grant available to first-home buyers who purchase or build a brand new home in Victoria.
Who’s eligible?
How it benefits off-the-plan buyers with Norus Projects:
Our developments meet the FHOG eligibility criteria by building brand new homes in Melbourne, with properties under the $750,000 threshold and allowing purchasers to buy off-the-plan or post construction.
What is it?
A stamp duty exemption or discount is available to first-home buyers purchasing a property, with the dutiable value capped at $750,000.
How does it work?
Example:
If you purchase a $650,000 apartment off-the-plan through Norus Projects, you’ll pay a reduced stamp duty compared to the standard rate, potentially saving you tens of thousands of dollars. There are also many layers to purchasing off-the-plan, as purchasers only pay stamp duty on the dutiable value. The dutiable value is the property's value at the time of purchase. For example, if you purchase a property prior to construction, you only pay 25% of the contract price, as the property is only worth the land value. So, if you purchase a property valued at $650,000 prior to construction, you’ll only be paying stamp duty on $162,500, approximately saving you over $29,000. However, as $162,500 is the dutiable value and it’s under $600,000, you won’t be paying any stamp duty as a first-home buyer.
What is it?
A concession that reduces your stamp duty based on the dutiable value of the property at the time of contract signing (not the final completed value).
Why is this valuable?
When you buy off-the-plan, the dutiable value is calculated as the land value plus the percentage of construction at the time of signing the contract. The earlier you buy in the construction process, the lower your stamp duty bill is likely to be.
Example:
If your off-the-plan apartment in Burwood with Norus Projects is priced at $700,000 but the construction hasn’t yet commenced, the dutiable value might be closer to $175,000 (land value only), significantly lowering your stamp duty.
What is it?
An additional temporary duty concession was introduced by the Victorian Government for off-the-plan purchases of new residential properties within Melbourne. This applies to both first home buyers and owner-occupiers buying off-the-plan apartments.
How it works:
What is it?
An initiative allowing eligible first home buyers to purchase a property with just a 5% deposit with the Federal Government guaranteeing up to 15% of the property value. This helps buyers avoid costly Lenders Mortgage Insurance (LMI).
Who’s eligible?
Why it works well with Norus Projects:
Most Norus off-the-plan apartments are priced within the eligibility range for this scheme, meaning you can secure a property with a low deposit and no LMI, offering a faster pathway to ownership.
Lower Upfront Costs
Secure your property with a 10% deposit and no further payment until settlement, giving you time to save while your property is being built.
Maximise Stamp Duty Savings
Take advantage of the Off-the-Plan Stamp Duty Concession and, if eligible, the Temporary Off-the-Plan Duty Concession. Buying early in the project timeline can significantly reduce your payable stamp duty.
Eligible for Government Grants
Every Norus Project apartment qualifies for the FHOG and can be purchased under the Home Guarantee Scheme, subject to eligibility.
Benefit from Market Growth
By purchasing at today’s prices, you’ll potentially benefit from property value growth by the time your apartment settles.
High-Quality, Owner-Occupier Focused Inclusions
Norus Projects are designed for modern living, offering contemporary finishes, smart layouts and a focus on owner-occupier comfort.
With the combination of Federal and State Government grants, stamp duty concessions and low-deposit schemes available to first home buyers in Victoria, there’s never been a better time to consider purchasing your first home, especially off-the-plan.
At Norus Projects, we specialise in helping first-time buyers navigate the property market with confidence, offering developments that not only meet eligibility criteria but are also designed for long-term liveability and value.
Ready to take the next step?
Reach out to the Norus Projects team to discuss which developments are eligible for these grants and how you can take advantage of current government incentives.
*Terms and Conditions apply to any promotions and information that may be contained within this communication. Promotions may end at any time without notice and at a maximum will not be available for more than 14 days from the date of commencement. Only one promotion can be used per purchase and can not be used in conjunction with any other promotions. Prices and other values and information may change at any time without notice. For any government grants, concessions, programs, taxes, levies or duties, please refer to the relevant government websites for further information. The information contained herein is given for general information purposes only and it is subject to change. Readers, viewers and consumers are advised to perform their own research and investigations and obtain their own financial, legal and other advice. The information and materials do not form any representation by any vendors or agents of any vendors and may include third-party opinions that do not represent the opinion of any vendor or agent. They do not form part of any contract of sale and they do not constitute legal, financial, real estate or other advice and must not be regarded or relied upon as such. No warranty is given either expressly or implied and the vendors or agents do not assume liability for negligence or otherwise with respect to the contents herein. All images are artist impressions only. Any plans are yet to have had their structural and services review so are subject to change prior to completion of construction. All plans, dimensions, areas and particulars herein whether by measurements or visual representation are approximate only, for general information only, and do not constitute any representation by the vendor or its agents or representatives. They do not form part of any contract of sale. Changes will undoubtedly be made during development and dimensions, fittings, finishes and specifications are therefore subject to change. Any furniture, goods and chattels depicted in this document are not included with any sale. Prospective purchasers or lessees are advised to not to rely on the information contained herein and to satisfy themselves as to the accuracy of all information given by making their own inspections, searches, inquiries and advises or as is otherwise necessary. The vendor or its agents or representatives will not be responsible for any error or misdescription which may appear. Further, the vendor or the developer or their agents or representatives do not represent, warrant and/or guarantee that the integrity of this communication has been maintained or that the communication is free of errors, virus, interception or interference. Usage of this or any other websites and materials and any associated website or material is subject to further terms and conditions. Further terms and conditions apply. Please enquire with the vendor and agent for further terms and conditions.