“Minimum deposits are as low as $14,000 under Help to Buy or $35,000 under the First Home Guarantee for a $700,000 home.”
Melbourne’s entry price point for houses varies enormously by suburb. A $650,000–$800,000 budget can access established homes in Melbourne’s outer ring; inner and middle-ring properties typically require $800,000–$1,200,000. The deposit you need scales with the purchase price, but the scheme options at each price point are broadly consistent.
Minimum deposit with Help to Buy in Melbourne
On a $700,000 Melbourne property, the Help to Buy minimum deposit is 2% — approximately $14,000. The government contributes up to 30% equity ($210,000), and your loan is on the remaining $476,000. Income caps apply ($90,000 singles, $120,000 couples) and the Melbourne property price cap is $950,000.
Minimum deposit with the First Home Guarantee
On a $700,000 Melbourne property, the First Home Guarantee minimum deposit is 5% — approximately $35,000. No LMI applies, no income cap, and the Melbourne property price cap is $950,000. You borrow $665,000 and own 100% of the property from settlement.
Beyond the deposit — upfront costs in Melbourne
Stamp duty in Victoria for first home buyers on a $700,000 established property is currently $0 up to $600,000, and concessions apply between $600,000 and $750,000 — but confirm current thresholds with the State Revenue Office before purchasing. Conveyancing runs $1,200–$2,500, inspection $400–$800, and lender costs $0–$600 depending on the product.
The savings timeline in Melbourne’s market
On a household saving $1,500 per month, saving a 5% deposit of $35,000 takes approximately 23 months. Using the First Home Super Saver Scheme alongside standard savings can compress this timeline materially — contributions are taxed at 15% inside super versus your marginal rate outside it.
→ You may wish to speak with a licensed mortgage broker to assess your personal circumstances. This is general information only. Individual circumstances vary and scheme details change regularly. Verify current eligibility, caps, and terms with official sources before making decisions. Speak with a licensed mortgage broker for advice tailored to your situation. All loans are subject to lender approval.
Sources: Housing Australia, Help to Buy Property Price Caps (firsthomebuyers.gov.au); Housing Australia, First Home Guarantee 2025–26; State Revenue Office Victoria, First Home Buyer Duty Exemption (sro.vic.gov.au, updated 21 May 2026); ATO, First Home Super Saver Scheme.
