ethodology for how we research and verify." cover_alt: “Parwan lifestyle” cover_credit: “wikimedia_commons” figures: [{“position”: “Can First Home Buyers Afford Parwan?”, “url”: “https://upload.wikimedia.org/wikipedia/commons/b/bd/1936_Dodge_D2_Sedan.jpg”, “alt”: “Can First Home Buyers Afford Parwan?”, “credit”: “wikimedia_commons”, “score”: 70}, {“position”: “Grants & Concessions Available”, “url”: “https://upload.wikimedia.org/wikipedia/commons/b/bd/1936_Dodge_D2_Sedan.jpg”, “alt”: “Grants & Concessions Available”, “credit”: “wikimedia_commons”, “score”: 70}] —## Can First Home Buyers Afford Parwan?
Entry-level prices (2026):
- Cheapest houses: $407,016 - $461,284
- Entry-level units: $217,075 - $298,478
- Off-the-plan apartments: $189,940 - $271,344
A stretch for first-home buyers on houses, but units are achievable. Consider the newer developments for better value.
Grants & Concessions Available
First Home Owner Grant (FHOG)
- Amount: $10,000
- Eligible in Parwan? YES – new homes under $750,000 qualify
- Applies to: New homes, off-the-plan apartments, house and land packages
Stamp Duty Concessions
- Full exemption: Properties under $600,000 (many units qualify)
- Partial concession: Properties $600,001-$750,000
- Your stamp duty on median: $29,847 (with concession: ${int(median * 0.02):,})
First Home Guarantee (Federal)
- Buy with as little as 5% deposit – no LMI required
- Income cap: $125,000 (singles), $200,000 (couples)
- Price cap for Melbourne: $800,000
What You Need
| Item | Houses | Units |
|---|---|---|
| Deposit (5% with guarantee) | $27,134 | $14,923 |
| Deposit (10% standard) | $54,268 | $29,847 |
| Deposit (20% no LMI) | $108,537 | $59,695 |
| Stamp duty | $29,847 | $11,939 |
| Legal/conveyancing | $1,500-2,500 | $1,500-2,500 |
| Building/pest inspection | $500-800 | $300-500 |
Monthly Repayments
At current rates (~6.2% variable):
| Loan Amount | Monthly Repayment | Income Needed |
|---|---|---|
| $434,150 (80% LVR) | $2,351/mo | $94,065/yr |
| $268,630 (unit, 90% LVR) | $1,455/mo | $58,203/yr |
Tips for First Home Buyers in Parwan
- Compare older units (better value) vs newer developments (grant eligible)
- Get pre-ap
