Government help

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 Buying your first home is expensive. Luckily, there are several government programs that may help eligible first home buyers reduce some of the upfront hurdles.

Here are the big ones worth knowing about.

 Eligible first home buyers can purchase with a minimum 5% deposit without paying Lenders Mortgage Insurance (LMI).

There are no income caps or waiting lists, although property price caps and other eligibility requirements apply.

Each state provides some kind of concession on transfer duty or stamp duty (the same thing) for first home buyers.

For example, if you're buying in NSW, eligible first home buyers pay:

• No transfer duty on new or existing homes valued at $800,000 or less
• A concessional rate on homes above $800,000 and below $1 million

Different thresholds apply to vacant land.

The thresholds and property types vary from state to state, so make sure you check the local information.

Some states offer grants in the form of cash if you are building a new home. 

In NSW ligible first home buyers may qualify for the $10,000 First Home Owner Grant.

Importantly, this isn't generally available when buying an established home, and property value limits and other eligibility requirements apply.

Again, this will be different in each state.

 You may be able to use eligible voluntary contributions made into super to help save for your first home.

There are rules around how much can be contributed and withdrawn, so it's worth understanding how the scheme works before relying on it as part of your deposit.