What can a Victoria Police officer get as a first home buyer?
Victoria's help is generous up to $600,000 and thins out quickly above it.
Victoria doesn't have a police-specific first home grant. Victoria Police officers and PSOs use the same schemes as other buyers: a land transfer duty exemption or concession from the State Revenue Office (SRO), the $10,000 First Home Owner Grant for new homes, and the federal 5% Deposit Scheme. What's different for police is how lenders read your pay, and one police-founded lender with offers aimed at you.
First home buyer duty exemption or concession
- Who runs it
- SRO Victoria
- What you get
- No duty, or reduced duty
- Key limit
- Exempt to $600,000; concession to $750,000
First Home Owner Grant
- Who runs it
- SRO Victoria
- What you get
- $10,000
- Key limit
- New homes up to $750,000
5% Deposit Scheme
- Who runs it
- Housing Australia
- What you get
- 5% deposit, no LMI
- Key limit
- Price cap $950,000 in Melbourne and Geelong, $650,000 elsewhere
Help to Buy
- Who runs it
- Housing Australia
- What you get
- Government shared equity, 2% deposit
- Key limit
- Income under $103,000 single or $165,000 joint
| Scheme | Who runs it | What you get | Key limit |
|---|---|---|---|
| First home buyer duty exemption or concession | SRO Victoria | No duty, or reduced duty | Exempt to $600,000; concession to $750,000 |
| First Home Owner Grant | SRO Victoria | $10,000 | New homes up to $750,000 |
| 5% Deposit Scheme | Housing Australia | 5% deposit, no LMI | Price cap $950,000 in Melbourne and Geelong, $650,000 elsewhere |
| Help to Buy | Housing Australia | Government shared equity, 2% deposit | Income under $103,000 single or $165,000 joint |
Read on the SRO and firsthomebuyers.gov.au on 9 October 2026.
The duty exemption is the one that matters most for a first-year officer, because that's the price range a single officer can reach. If you're still deciding whether to join, our guide to becoming a Victoria Police officer covers the Academy and pay while training.
Land transfer duty: no duty to $600,000
The SRO's first home buyer benefit is all-or-nothing at the edges.
If the home's dutiable value is up to $600,000, an eligible first home buyer pays no land transfer duty. From $600,001 to $750,000 you pay a reduced amount that tapers as the price rises. Above $750,000 there's no first home buyer benefit at all. The property can be a new or established home, or vacant land you plan to build on.
Duty on a $600,000 home
$31,070
general rate; avoided in full
Duty on a $750,000 home
$40,070
general rate; reduced for first home buyers
Above $750,000
Full duty
no first home buyer benefit
We calculated those from the SRO's general land transfer duty rates for contracts from 1 July 2021. The SRO doesn't publish the taper formula on its eligibility page, so use its duty calculator for a price between $600,001 and $750,000.
SRO eligibility, in short
- ✓ You're buying as individuals, not a company or trust, and you're at least 18
- ✓ At least one buyer is an Australian or New Zealand citizen or permanent resident
- ✓ No buyer has received this benefit before
- ✓ No buyer has owned and lived in a home in Australia for 6 continuous months since 1 July 2000
- ✓ You live there for 12 continuous months, starting within 12 months of settlement
For vacant land, the move-in deadline is the earlier of 12 months after the occupancy certificate or 36 months after settlement. Off-the-plan buyers may also get a separate off-the-plan concession that reduces the dutiable value.
The $10,000 First Home Owner Grant
New homes only, with a cap that matches the top of the duty concession.
The grant is $10,000 towards buying or building a new home worth up to $750,000. For off-the-plan purchases the cap applies to the contract price. The home must not have been sold, occupied as a home, leased or used for short-term accommodation before.
Grant
$10,000
new homes only
Value cap
$750,000
contract price for off the plan
Residence
12 months
starting within 12 months
At least one applicant must be an Australian citizen or permanent resident; New Zealand citizens on a special category visa became eligible for settlements from 26 November 2025. You can't have owned residential property before 1 July 2000, or lived in a home you owned for 6 continuous months since then.
Grant plus exemption on a new home
A new home at or under $600,000 can attract both the full duty exemption and the $10,000 grant. On our calculation that's $31,070 of duty avoided plus $10,000: about $41,070 of help at the $600,000 mark.
The 5% Deposit Scheme and Help to Buy in Victoria
Federal schemes through participating lenders, including some police mutuals.
Since 1 October 2025 the Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme) has had no income caps and no limit on places. A participating lender can lend with a 5% deposit without charging LMI, because the government guarantees part of the loan.
Melbourne and Geelong
$950,000
price cap
Rest of Victoria
$650,000
price cap
Minimum deposit
5%
2% for single parents
You must be 18 or older, a citizen or permanent resident, a first home buyer or someone who hasn't owned Australian property in the last 10 years, and buy a home to live in with a principal-and-interest loan. You must move in within six months of settlement and live there while the guarantee lasts. BankVic, Police Bank and People First Bank were on the participating lender list when we checked.
Help to Buy
Help to Buy is shared equity: the government owns up to 30% of an existing home or 40% of a new one, and you need a 2% deposit. A probationary constable on $84,060 is under the $103,000 single income limit on the ordinary rate alone, but allowances, shift penalties and overtime count too. A top-step senior constable on $118,945 is over it.
How lenders read Victoria Police pay
Your ordinary rate already includes a 13% penalty component. The newer allowances sit outside it.
The Schedule A ordinary rate includes a 13% commuted penalty allowance (cl 64.1) for PSOs and Constable to Senior Sergeant. It covers liability for weekend, public holiday and shift work, and it's paid regardless of roster, so lenders normally treat the whole $84,060 as base salary. Shift allowances for unsociable and intrusive hours are paid on top.
Ordinary rate incl. 13% commuted penalty
- Constable 1 (from 1 June 2026)
- $84,060
- How lenders commonly treat it
- Counted in full as base
Operational Readiness Allowance
- Constable 1 (from 1 June 2026)
- $2,644 a year
- How lenders commonly treat it
- Usually counted if on payslips; rises to 1 June 2027
General Duties Allowance
- Constable 1 (from 1 June 2026)
- $1,322 a year
- How lenders commonly treat it
- Only for Regional Operations general duties members
Capability allowance
- Constable 1 (from 1 June 2026)
- $3,488 a year
- How lenders commonly treat it
- Usually counted with evidence
Wellbeing allowance
- Constable 1 (from 1 June 2026)
- $602 a year
- How lenders commonly treat it
- Usually counted with evidence
Shift allowances
- Constable 1 (from 1 June 2026)
- 18.5% to 57.76% of the ordinary hourly rate
- How lenders commonly treat it
- Often averaged over recent payslips
Overtime
- Constable 1 (from 1 June 2026)
- Time and a half, then double time, on the base rate
- How lenders commonly treat it
- Varies most: some lenders count all of it
| Part of your pay | Constable 1 (from 1 June 2026) | How lenders commonly treat it |
|---|---|---|
| Ordinary rate incl. 13% commuted penalty | $84,060 | Counted in full as base |
| Operational Readiness Allowance | $2,644 a year | Usually counted if on payslips; rises to 1 June 2027 |
| General Duties Allowance | $1,322 a year | Only for Regional Operations general duties members |
| Capability allowance | $3,488 a year | Usually counted with evidence |
| Wellbeing allowance | $602 a year | Usually counted with evidence |
| Shift allowances | 18.5% to 57.76% of the ordinary hourly rate | Often averaged over recent payslips |
| Overtime | Time and a half, then double time, on the base rate | Varies most: some lenders count all of it |
General description of common practice, not any lender's policy. Allowance figures are from Schedule B, E and F of the 2025 agreement.
Those four fixed allowances add up to $8,056 a year for an eligible Constable 1. They're a big part of the 2025 pay deal, and they're new enough that some assessors won't know them. Bring the agreement schedule or a payslip that names each one. Our Victoria Police pay deal guide explains how they phase in.
A Victorian payslip has more moving parts than it used to. Show the lender which ones are paid every fortnight.
What a Victoria Police officer could borrow
Our calculator's method: after-tax pay less costs, tested at 9% over 30 years.
These use 2026-27 tax rates, an illustrative 6% loan rate plus APRA's 3 percentage point buffer, $3,200 a month of living costs for one applicant and a $5,000 card limit. They show how lender rules move the number, not what any lender will offer.
Ordinary rate only
$269,000
$84,060
Plus fixed allowances
$326,000
$8,056 counted
Plus $8,000 overtime
$382,000
if all of it is counted
A senior constable at the top point earns $118,945 and could borrow about $515,000 alone on salary. A probationary constable with a partner on an illustrative $70,000 and $4,500 a month of household costs could borrow about $698,000.
The buffer does a lot of the work. Without APRA's 3 percentage points, the first example would reach about $361,000 rather than $269,000. The repayment at 6% on $269,000 is about $1,613 a month, against take-home pay of about $2,563 a fortnight.
What the 1 June 2027 rise does
The agreement's final scheduled increase lifts Schedule A rates by 3% on 1 June 2027. Constable point 1 rises to $86,582, which on the same method lifts the salary-only figure from about $269,000 to about $287,000. The Operational Readiness and General Duties Allowances also rise again on that date. You'll also climb the points as you serve, so a lender looking at your pay a year from now will see more of it.
That doesn't mean you should wait. Prices and rates move too, and a pre-approval only lasts a few months. But if you're borderline for a particular home, it's worth knowing that the next step is fixed in the agreement rather than hoped for.
Illustrations, not credit advice
Lenders use their own expense benchmarks and income rules. Your figure could be higher or lower, and none of this is a loan offer or recommendation.
Run the numbers on your own Victorian pay
Choose your rank and point, add allowances and overtime, and see your borrowing range with none, some or all of your variable pay counted.
The long Victorian probation
Victoria Police probation runs far longer than most forces'. Some lenders care.
Recruits are sworn in as probationary constables at the end of week 12 of the Police Foundation Training Program. Probation then runs to week 116, about two years and three months from your first day, ending with the Diploma of Policing. That's more than twice as long as NSW's 12 months.
Why lenders may still lend
- ✓You're a sworn, salaried officer on an agreement rate
- ✓Pay rises are set in the agreement
- ✓Many lenders assess a sworn probationer as permanent
Where probation bites
- ✕BankVic's home loan eligibility requires you to be outside any probationary period
- ✕Some lenders want a longer payslip history for allowances
- ✕Police offers elsewhere may also exclude probationers
Use the probation years to get loan-ready. Lenders count the limit on every credit card, not the balance. On our method, the $5,000 card limit in our examples alone cuts borrowing by about $24,000, so closing cards you don't need is one of the cheapest ways to lift your figure. Buy-now-pay-later accounts and car loans count too.
If BankVic's police offers are what you want, the probation rule could delay you by up to two years. Ask other lenders whether they'll lend to a sworn probationary constable, and keep saving: a bigger deposit widens your choices once probation ends.
Police home loan features advertised to Victoria Police
What lenders publish on their own pages, read on 9 October 2026. A description, not a recommendation.
BankVic
- Police feature advertised
- Police-only special variable rate; "100% overtime considered"; $4,000 cashback for police. Victoria Police can borrow to 90% with no LMI for new purchases in Metro Melbourne including Geelong.
- Conditions to check
- Must be outside any probationary period. Product footnotes describe 90% "with LMI": confirm which applies. Membership needed.
People First Bank
- Police feature advertised
- Essential Services Package for sworn police: no LMI to 90% LVR, loans up to $1.2 million.
- Conditions to check
- Income requirements apply but aren't published on its page. PSOs aren't sworn police.
Police Bank
- Police feature advertised
- Police Value Home Loan for current or retired police employees of any Australian force, uniformed or civilian; 5% minimum deposit, LVR to 95%.
- Conditions to check
- LMI above 80% LVR. We read its 2021 product document because its website blocked our check.
P&N Bank
- Police feature advertised
- LMI waiver to 90% LVR for police.
- Conditions to check
- WA properties only; broker-referred loans don't qualify.
| Lender | Police feature advertised | Conditions to check |
|---|---|---|
| BankVic | Police-only special variable rate; "100% overtime considered"; $4,000 cashback for police. Victoria Police can borrow to 90% with no LMI for new purchases in Metro Melbourne including Geelong. | Must be outside any probationary period. Product footnotes describe 90% "with LMI": confirm which applies. Membership needed. |
| People First Bank | Essential Services Package for sworn police: no LMI to 90% LVR, loans up to $1.2 million. | Income requirements apply but aren't published on its page. PSOs aren't sworn police. |
| Police Bank | Police Value Home Loan for current or retired police employees of any Australian force, uniformed or civilian; 5% minimum deposit, LVR to 95%. | LMI above 80% LVR. We read its 2021 product document because its website blocked our check. |
| P&N Bank | LMI waiver to 90% LVR for police. | WA properties only; broker-referred loans don't qualify. |
Offers change and can be withdrawn. Confirm terms with the lender or a licensed broker.
BankVic was set up for Victoria Police and still runs a police-only rate. That history doesn't make it the right loan for you: compare the comparison rate, fees and the probation rule against a 5% Deposit Scheme loan from another lender. Our guide to police banks and credit unions covers membership and history.
Buying while posted to country Victoria
Victoria pays modest regional allowances and ties probationers to country placements.
Probationary constables placed in the country serve a 2-year minimum time in position and are exempt from transfer by direction. That stability helps with the 12-month residence rules. No cash sign-on bonus for country placement was found in the agreement.
Remote Allowance
$1,481
a year, listed stations only
One Member Station
$14,157
a year, in lieu of overtime
Living away from home
$424
a week, if eligible
Relocation allowance
$1,761
once only
The cheaper regional market works in your favour. The 5% Deposit Scheme cap outside Melbourne and Geelong is $650,000, and the full duty exemption covers anything to $600,000. A One Member Station Allowance replaces overtime, so a lender may see it as more reliable than variable overtime would be.
If you buy a home in Melbourne while you're posted to the country and don't live in it, you lose the first home duty benefit, the grant and the 5% Deposit Scheme, because each needs you to live there. Our remote and rural incentives guide compares Victoria with other forces.
Saving a deposit on Victoria Police recruit pay
Victorian recruits are paid from the first day at the Academy.
You're paid the Recruit rate of $61,187 until you're sworn in at week 12, then the Constable rate of $84,060. After tax, the Recruit rate is about $984 a week. If you live in at the Academy, it costs $529.50 a fortnight including meals. Saving 40% of your net pay for those 12 weeks gives about $4,723.
- 1
Weeks 1 to 12: Recruit rate
$61,187 a yearAbout $4,723 saved at 40% of net pay. Live-in is optional if you're more than 40 km away.
- 2
Sworn in: probationary constable
$84,060 a yearTake-home pay of about $2,563 a fortnight. Saving 20% reaches a $14,150 deposit in about 13 months.
- 3
Probation ends at week 116
About 2 years 3 monthsLenders with probation rules open up, and you'll have more payslip history for allowances and overtime.
- 4
Buy
When readyUse the 5% Deposit Scheme to avoid LMI and the duty exemption up to $600,000.
That $14,150 target is 5% of about $283,000, the price our single probationary constable example reaches. With a partner on $70,000, the same method reaches about $735,000, so you'd need about $36,750. If you become a PSO first, you're paid from day one of a 12-week course: see becoming a PSO.
Putting it together: two Victorian examples
How the schemes stack on the prices our examples reach.
Price our method reaches
- Single probationary constable
- $283,000
- Probationary constable plus partner
- $735,000
5% deposit
- Single probationary constable
- $14,150
- Probationary constable plus partner
- $36,750
First home buyer duty
- Single probationary constable
- $0 (exempt)
- Probationary constable plus partner
- Reduced (concession)
LMI with the 5% Deposit Scheme
- Single probationary constable
- $0 (under every cap)
- Probationary constable plus partner
- $0 in Melbourne or Geelong
New home grant, if new
- Single probationary constable
- $10,000
- Probationary constable plus partner
- $10,000
| Single probationary constable | Probationary constable plus partner | |
|---|---|---|
| Price our method reaches | $283,000 | $735,000 |
| 5% deposit | $14,150 | $36,750 |
| First home buyer duty | $0 (exempt) | Reduced (concession) |
| LMI with the 5% Deposit Scheme | $0 (under every cap) | $0 in Melbourne or Geelong |
| New home grant, if new | $10,000 | $10,000 |
Calculated by us. Eligibility depends on your circumstances and the property.
The couple's example shows Victoria's cliff. At about $735,000, the price is inside the concession range, so some duty is payable. Outside Melbourne and Geelong the 5% Deposit Scheme cap is $650,000, so the cheaper regional market can keep you inside every scheme.
Getting help with a Victoria Police home loan
A broker can compare lenders' allowance and probation rules. Some police offers are direct only.
Questions to ask any lender or broker
- ✓ Do you treat my whole ordinary rate, including the 13% commuted penalty, as base?
- ✓ Will you count the Operational Readiness and General Duties Allowances?
- ✓ Will you lend to a sworn probationary constable before week 116?
- ✓ Are you a 5% Deposit Scheme lender with places for my area?
- ✓ Is your police rate, cashback or LMI waiver available through brokers?
How our form works, and how we're paid
We don't hold an Australian Credit Licence and don't give credit advice or recommend any loan or lender. The form asks to be put in touch with a licensed mortgage broker. Until we appoint a broker partner, we'll email you the broker's name first, and nothing is shared until you confirm. We may receive a referral fee: see our referral disclosures. P&N Bank's LMI waiver isn't available on broker-introduced loans.
Free email alerts
Victoria first home buyer scheme changes, for police
The SRO's duty thresholds, the new home grant and BankVic's police offers can change with little notice. We re-check them and email you when a threshold, cap or police offer changes.
- ✓Victorian duty and grant threshold changes
- ✓New, changed or withdrawn police home loan offers
Frequently asked questions
Is there a first home buyer grant just for Victoria Police?
No. Victoria has no police-only grant or duty concession. Officers and PSOs use the same schemes as everyone: the first home buyer duty exemption or concession, the $10,000 First Home Owner Grant for new homes, and the federal 5% Deposit Scheme. Police-specific help comes from lenders, for example BankVic's police offers.
How much stamp duty does a first home buyer pay in Victoria?
None on a home up to $600,000, and a reduced amount from $600,001 to $750,000. Above $750,000 the first home buyer benefit stops. On our calculation from the SRO's general rates, a $600,000 home would otherwise carry $31,070 of duty. Vacant land you intend to build on also qualifies.
Can I get the Victorian First Home Owner Grant on an established home?
No. The $10,000 grant is for new homes that haven't been sold, occupied, leased or used for short-term stays, worth up to $750,000. At least one applicant must live there as their main home for 12 months, starting within 12 months of settlement or completion of building.
How much can a Victoria Police probationary constable borrow?
On our illustrative method (6% rate tested at 9%, $3,200 a month of costs, a $5,000 card limit), a probationary constable on $84,060 could borrow about $269,000 alone on the ordinary rate, or about $382,000 if a lender counts $8,056 of fixed allowances and $8,000 of overtime. A top-step senior constable on $118,945 could borrow about $515,000.
Can I get a BankVic home loan on probation?
BankVic's home loan eligibility says you need regular PAYG income and must be outside any probationary periods of employment. Victoria Police probation runs to week 116 of training, about two years and three months from starting at the Academy. Other lenders may lend to a sworn probationer, so ask before you apply.
Does BankVic waive LMI for Victoria Police?
Its first home buying page says Victoria Police, health and emergency services employees can borrow up to 90% with no LMI for new purchases within Metro Melbourne including Geelong. Its product cards advertise LMI waivers to 90% LVR, while footnotes describe borrowing to 90% with LMI. Ask BankVic in writing which applies to your loan.
Do PSOs qualify for first home buyer schemes in Victoria?
Yes. The state and federal schemes depend on you, your partner and the property, not your job. PSOs are paid from day one of their 12-week Academy course, so they can start saving straight away. Some lender police offers are worded for police officers, so check whether a PSO qualifies.
Does Police Pay Australia recommend a lender for Victoria Police?
No. We don't hold an Australian Credit Licence and don't recommend any loan or lender. This guide describes schemes and publicly advertised features, with sources and dates. If you use our form, we introduce you to a licensed mortgage broker and confirm who that is before sharing your details.
Evidence
Sources and how we checked them
Every figure on this page comes from the sources below, read on 9 October 2026. Pay rates and rules change when new agreements are made, so check the source for the date you're reading this. Where we couldn't confirm something from an official source, the page says so instead of guessing. Spotted an error? Read our corrections policy.
- State Revenue Office Victoria: first home buyer duty exemption or concession — no duty to $600,000, reduced duty $600,001 to $750,000 (page updated 15 September 2026)
- State Revenue Office Victoria: understanding the First Home Owner Grant — $10,000 for new homes up to $750,000; 12 months' residence
- State Revenue Office Victoria: general land transfer duty current rates — rates for contracts from 1 July 2021
- firsthomebuyers.gov.au: Australian Government 5% Deposit Scheme for first home buyers — eligibility, no income caps, no LMI, unlimited places; administered by Housing Australia
- firsthomebuyers.gov.au: 5% Deposit Scheme property price caps — caps by state, capital city and regional centres
- firsthomebuyers.gov.au: frequently asked questions — rebranded from the Home Guarantee Scheme on 1 October 2025; move in within six months of settlement
- firsthomebuyers.gov.au: participating lenders — includes BankVic, P&N Bank, People First Bank, Police Bank, Police Credit Union and QBANK
- firsthomebuyers.gov.au: Help to Buy Scheme — shared equity, 2% deposit, income limits $103,000 single and $165,000 joint
- APRA: macroprudential settings maintained (28 May 2026) — 3 percentage point serviceability buffer; DTI limit at six times income
- Victoria Police Enterprise Agreement 2025, via our Victoria pay data — Schedule A rates, commuted penalty, allowances
- Victoria Police: officer training — recruit rate, swearing in at week 12, probation to week 116, live-in cost
- BankVic: first home buying — Victoria Police 90% with no LMI for new purchases in Metro Melbourne including Geelong
- BankVic: home loans — eligibility incl. outside probation; LMI waivers to 90% LVR; footnote wording
- BankVic: home loan offers for police — police-only variable rate, 100% overtime considered, $4,000 cashback
- Police Bank: Police Value Home Loan target market determination (owner occupied P&I) — current or retired police employees; 5% minimum deposit; LVR to 95% with LMI over 80%; dated 5 October 2021
- People First Bank: Essential Services Package — sworn police; no LMI to 90% LVR; up to $1.2 million; income requirements
- P&N Bank: Essential Services Offer terms and conditions — broker-referred loans don't qualify for the waiver; WA locations; probation; $250,000 minimum
- ATO: tax rates for Australian residents — 2026-27 rates used for after-tax income
Related guides
Money for police
More in this series
General information, not advice. This guide explains published rules and rates. It doesn't consider your personal circumstances and isn't financial, legal, tax or credit advice. Confirm anything you rely on with your force, your police association, the ATO or a licensed professional.