Compare Home loan rates in VIC

Due to the available jobs and high standard of living, Victoria is a popular state for people from overseas and interstate to settle. The industries that fuel the state’s economy are mainly in the service and tourism sectors. 

The state’s high population density has contributed to a shortage in detached properties and land, though Victoria’s need for housing is often less acute than that of New South Wales, its closest comparison state. Investors and developers have met the demand for housing by building more apartment and townhouse blocks, resulting in a higher percentage of apartments. 

Victoria’s economy ensures that Victorian properties are often sought after and in demand, with the level of interest typically increasing the closer you get to the Melbourne CBD. Property prices can vary from suburb to suburb and should be researched to ensure you are getting the best deal. 

Victoria, especially its regional areas, can be susceptible to natural events - most commonly bushfires - and this should be taken into account when buying a property. If you’re looking at buying in areas close to vegetation, or in areas that have suffered from fires in the past, this will often affect the price of the property as well as future home insurance premiums. 

The Victorian state government and local councils will likely charge you fees and levies when you purchase a property. The main tax is the Land Transfer Duty to cover the cost of transferring the property from one individual to another, which is based on the value of your property. In some cases, you may have to pay a Land Tax if the property is an investment or business premises. 

The Victorian government has several grants and discounts available for people wanting to get a home loan in the state. These come with special requirements and should be researched before applying.

First home buyers may be able to apply for a First Home Owner Grant, a first home buyer duty reduction and a principal place of residence duty concession. Other groups, such as pensioners or young farmers, can also apply for duty concessions or exemptions.