It has taken so long that it’s almost the next generation that will benefit, but the Help to Buy shared housing equity legislation finally becoming law means another leg up onto the ladder for first homebuyers.

Passing in the form in which it was originally proposed, let’s look at who, what and where you can get it … and the other four ways to fast-track a property purchase.

With the government’s passing of the Help to Buy legislation this week, there are now five feasible ways for first home buyers to get above the competition.Credit: Simon Letch

Leg up 1: Underpinning the Help to Buy scheme is the government taking a stake in your property – of up to 40 per cent. You can buy it out at any later point (or pay it back from the same split of eventual sale proceeds) but the whole point is to allow you to buy with a lower deposit.

It’s a co-purchase of a home, but note there is no requirement for that to be your first home – you can have previously owned property. Neither does that home have to be a new one – however, you can only get a maximum 30 per cent equity contribution if you buy an existing home.

The homeowner pays the mortgage – from a select number of lenders approved by Housing Australia – for their share of the property (less their necessary deposit of 2........

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