There's a lot to know when buying your first home. Apart from having to struggle through the home loan maze you also need to know how the whole purchase process works.

We have tried to demystify things for you by creating a 10 Step Guide which explains the buying process.

Then there is the First Home Owners Grant Scheme (FHOGS) to consider. Subject to eligibility First Home Owners may qualify for a grant of $7,000 from the Federal Government. The grant is tax free and available irrespective of income, property location or purchase price.

The eligibility criteria is:

• Each applicant is a natural person and not a company or a trust.
• At least one applicant is a permanent resident or Australian citizen.
• Each applicant must be at least 18 years of age.
• All applicants and/or their spouse/de facto have not owned a residential property jointly, separately or with some other person in any State or Territory of Australia before 1 July 2000.
• All applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia.
• Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.
• This is the first time an applicant and/or their spouse/de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory.
• At least one applicant will occupy the home as their principle place of residence for a continuous period of six months, commencing within 12 months of settlement or construction of the home.