New homes for Victorian first home buyers

The Albanese and Carroll Labor Governments have struck a landmark deal to unlock more than 66,000 new homes across Victoria – including more than 25,000 reserved for first home buyers. The agreement represents a major investment in Victoria’s housing future and another big step towards helping more Victorians get into a home of their own. It is a major milestone in delivering the Albanese Government’s election commitment to help build up to 100,000 homes for first home buyers, working with state and territory governments and industry to turn that commitment into homes on the ground.

In addition to more than 25,000 homes reserved for first home buyers, the agreement will help unlock around 41,000 additional homes – delivering a significant boost to housing supply across Victoria. The Albanese Government will provide $2.5 billion – $2 billion in concession loans and $499 million in grants – to tackle the infrastructure bottlenecks standing in the way of housing, with the Carroll Government providing a matched contribution of at least $499 million.

Much of this funding will go towards the essential infrastructure that makes new homes possible – the roads, water, sewerage and other services needed before construction can begin. This deal brings the Albanese Government’s total investment in housing‑enabling infrastructure to a record $8.5 billion – compared to just $174 million on enabling infrastructure programs over the decade wasted by the former Coalition Government.

The Albanese Government funding includes: $82 million to support 474 homes for first home buyers through infrastructure investment and construction of homes in inner Melbourne $698 million for enabling infrastructure across greater Melbourne to unlock more than 47,000 including 11,923 homes for first home buyers. $91 million in infrastructure investment in regional Victoria to support the delivery of 5,800 including 1900 homes for first home buyers.

$55 million to support 2,040 homes through enabling infrastructure and direct construction of homes under a Peri Urban and Regional Infrastructure Fund and the Rent to Buy Pilot Program for First Peoples. More projects will be announced in the coming months, and first home buyers will start moving in from 2027–28. The Victoria deal builds on existing deals negotiated with South Australia, the Australian Capital Territory, Tasmania, Western Australia and Queensland, which combine to deliver around 180,000 new homes, including over 67,000 reserved for first home buyers.

The Coalition went to the last election promising to scrap this program – stopping first home buyers getting into a home of their own. Labor is getting on with the job of building more homes and levelling the playing field for first home buyers – as part of the $47 billion Homes for Australia Plan Quotes attributable to federal Minister for Housing, Homelessness and Cities Clare O’Neil MP “Young Victorians are working hard, saving hard and doing everything we ask of them – but too many still feel like owning a home is out of reach.

“We want to change that. This deal will unlock around 66,000 new homes across Victoria, including more than 25,000 for first home buyers. “We’re putting first home buyers on a level playing field – and making sure thousands of the homes we help build are set aside for them to buy.”