First home buyer guides

New Build or Established Home in Geelong: Is the First Home Owner Grant Worth Chasing?

By Victoria Whittaker, Buyer’s Advocate · Last reviewed 16 October 2026

A new build may qualify for Victoria’s First Home Owner Grant, while an ordinary established home does not. Compare the full finished cost, location, timing and condition before choosing a Geelong home based on an incentive.

A brand-new home can be appealing. So can the idea of receiving a grant towards it.

But when I help a first home buyer compare new and established properties, I want to understand the complete outcome. What will the home cost, where is it, and how will it work for you?

Does the FHOG apply to established homes?

An ordinary established home does not qualify for Victoria’s First Home Owner Grant. The $10,000 grant is for eligible new homes valued at $750,000 or less, subject to the full rules.

Some substantially renovated properties can qualify under specific criteria. A selling agent calling a property “fully renovated” is not enough to establish eligibility.

Established homes can still qualify for first home buyer stamp duty relief and the federal deposit scheme, subject to each program’s requirements.

What should you check in a house and land package?

For a package in Armstrong Creek or elsewhere around Geelong, request a complete breakdown of the land and building costs.

Check site works, floor coverings, heating and cooling, driveway, fencing, landscaping and any upgrades. Establish what is included, what is provisional and what you will need to organise separately.

Have the contracts reviewed. Ask about land title timing, construction milestones, finance conditions and the cost of delays, including rent while you wait.

What should you check in an established home?

You can inspect the existing rooms, street and surroundings before buying. You also need to assess the condition carefully.

Look beyond styling. An attractive kitchen does not answer questions about drainage, structural movement, roofing or services. Independent inspections and relevant specialist advice help identify the bigger issues.

Compare both options on the same basis

Compare the total finished cost, ongoing expenses, location, usable space and likely work required.

The grant may help, but it should sit within the decision. I would not choose an unsuitable property just to qualify for an incentive.