So you've been working tirelessly to save for a deposit for your first home. You might have even started looking at potential properties, or begun planning a celebration of being free from landlords and renting. But as a first home buyer, did you know there are grants and benefits that might be available to you?

The First Home Owner Grants and Schemes vary depending on the state you're purchasing your home in, but typically it involves a one-off grant to eligible first home buyers.

We've put together some handy questions and considerations to get you on your way, to help you navigate all the information that's out there, as you take the exciting leap into property ownership.

Is your home a 'new home'?

To receive the First Home Owners' Grant in all states or territories, you must be purchasing a brand new home. This means the home has never been lived in and includes when you're purchasing off the plan. In some cases, homes that have been substantially renovated may be included in this category.

What is the value of your home?

Your eligibility will also depend on the value of the home you're planning on buying. In Queensland, New South Wales and Victoria, the home must be valued at under $750,000,

You must be an owner-occupier.

To be eligible you need to live in the home for a continuous six-month period after purchase, and at least one applicant must be an Australian citizen or permanent resident.

Not eligible for a Grant? You might be exempt from stamp or transfer duty.

In some states, like Queensland and New South Wales, first home buyers that aren't purchasing 'new homes' and therefore aren't eligible for the grant, may be exempt from, or receive a concession from, the transfer duty on your home.

Check the rules that apply to your state.

The grant amount varies depending on the state you're in. Eligibility requirements may also differ, so make sure to check your state's grants and schemes carefully.

Please visit our website for more info for First Home Buyers and handy links to information on grants and schemes.