Can First Home Buyers Afford Melton South?
Entry-level prices (2026):
- Cheapest houses: $368,702 - $417,862
- Entry-level units: $196,641 - $270,381
- Off-the-plan apartments: $172,061 - $245,801
Houses are accessible for first-home buyers here, especially with government grants and concessions.
Grants & Concessions Available
First Home Owner Grant (FHOG)
- Amount: $10,000
- Eligible in Melton South? YES – new homes under $750,000 qualify
- Applies to: New homes, off-the-plan apartments, house and land packages
Stamp Duty Concessions
- Full exemption: Properties under $600,000 (many units qualify)
- Partial concession: Properties $600,001-$750,000
- Your stamp duty on median: $27,038 (with concession: ${int(median * 0.02):,})
First Home Guarantee (Federal)
- Buy with as little as 5% deposit – no LMI required
- Income cap: $125,000 (singles), $200,000 (couples)
- Price cap for Melbourne: $800,000
What You Need
| Item | Houses | Units |
|---|---|---|
| Deposit (5% with guarantee) | $24,580 | $13,519 |
| Deposit (10% standard) | $49,160 | $27,038 |
| Deposit (20% no LMI) | $98,320 | $54,076 |
| Stamp duty | $27,038 | $10,815 |
| Legal/conveyancing | $1,500-2,500 | $1,500-2,500 |
| Building/pest inspection | $500-800 | $300-500 |
Monthly Repayments
At current rates (~6.2% variable):
| Loan Amount | Monthly Repayment | Income Needed |
|---|---|---|
| $393,282 (80% LVR) | $2,130/mo | $85,211/yr |
| $243,343 (unit, 90% LVR) | $1,318/mo | $52,724/yr |
Tips for First Home Buyers in Melton South
- Target house-and-land packages for maximum grant eligibility
- Get pre-approval before inspecting – agents prioritise finance-ready buyers
- Negotiate hard on private treaty sales – less competition than inner suburbs
- Budget $5,000-10,000 above purchase price for moving, connection fees, and furniture
- Apply for the First Home Guarantee early – places are limited each financial year
For current property prices, see our Melton South median prices.
Grant eligibility and concession thresholds current as of April 2026. Check sro.vic.gov.au for the latest conditions. Individual circumstances affect eligibility.
