Buying your potential new home through the governmental scheme works similarly to the standard conveyancing process, but there are some differences to know about. Eligibility Check: The first step is determining whether the buyer is eligible for the First Homes scheme. This typically involves checking if they are a first-time buyer, meet income criteria, and may require them to live or work in a specific local area. Property Selection: Eligible buyers can choose from properties designated under the First Homes scheme, which are offered at a discounted price. The available properties may vary by location and availability. Reservation: Once a property is selected, the buyer typically needs to reserve it by paying a reservation fee. Discount Calculation: The discount on the property's price is calculated based on the scheme's guidelines. The discount is usually a percentage of the market price, and this reduced price is what the buyer will pay. Mortgage Approval: The buyer needs to secure a mortgage or funding to cover the discounted purchase price. Resale Restrictions: Buyers are usually subject to resale restrictions. When they decide to sell the property, it must be sold at a capped price to ensure the discount is passed on to the next first-time buyer. While the initial steps are different, the legal conveyancing process for transferring property ownership follows a more standard path, involving solicitors, searches, surveys, and contract exchanges, as in a typical property purchase.