Buying your first home in Melbourne is exciting — and overwhelming. Stamp duty exemptions, the First Home Guarantee, FHOG, deposit requirements, LMI… MFG helps you understand what applies to you, what you qualify for, and what your real numbers look like.
Your first
front door.
Victorian and federal governments offer significant financial assistance to eligible first home buyers. Most buyers qualify for at least one of these — and some qualify for multiple, stacking the benefits. We'll work out which apply to you.
First home buyers in Victoria pay no stamp duty on properties priced up to $600,000. Between $600,000 and $750,000, a sliding-scale concession applies. The property must be your principal place of residence.
For an $850,000 property, the exemption alone saves roughly $45,070 in stamp duty.
A federal scheme allowing eligible first home buyers to purchase with just a 5% deposit, without Lenders Mortgage Insurance (LMI). The government effectively guarantees the gap.
Property price caps apply (currently $800,000 in Melbourne). Income caps apply ($125,000 single / $200,000 couple).
A Victorian government grant for first home buyers purchasing a newly built or substantially renovated home valued up to $750,000.
Does not apply to established homes. Apartments and townhouses in new developments typically qualify.
We talk through where you're at — savings, income, timing, what you're imagining. There's no pressure to be "ready" to buy. Many of our first-home clients come to us 12-18 months out, when they're saving and want a plan.
We work out, based on your actual income and circumstances, what lenders are likely to lend you. This often surprises buyers — sometimes higher than expected, sometimes lower. Either way, you know your real number.
We map which government schemes you qualify for and stack the benefits. This often changes the math significantly — for example, qualifying for the First Home Guarantee can save $15,000+ in LMI.
We submit a pre-approval application to the lender best suited to your situation. With pre-approval in hand, you can bid confidently at auctions or make offers, knowing exactly what you can borrow.
You search. We stay available for questions: "Can I afford this one?" "Will the bank lend on this property type?" We don't push you — we wait until you find the right place.
Once you've signed a contract, we move quickly: full application, valuation, formal approval, and coordination with your conveyancer through to settlement. We're with you the entire way.
The "20% deposit" rule of thumb is outdated for first home buyers. With the First Home Guarantee, eligible buyers can purchase with just 5% — saving years of additional saving and tens of thousands in LMI.
Here's what each deposit level looks like across common Melbourne first-home price points.
Excludes additional upfront costs: conveyancing (~$1,500-$2,500), building & pest inspection (~$500-$800), lender application fees (varies), and stamp duty (zero up to $600k for eligible FHBs in VIC). We model your full upfront position in our initial consultation.
Book a no-obligation conversation. We'll model your borrowing power, check which schemes you qualify for, and give you a clear picture of what you can buy — and what you'll need to save to get there.
Book a First Home Buyer Chat