New home buyers in NSW get big grants

As widely forecast, the New South Wales Budget, which was handed down yesterday, includes significant changes to the state’s First Home Owner Grant Scheme.

From October 1 this year, the grant will increase from $7,000 to $15,000 for first-home buyers buying new properties worth up to $650,000. The grant will fall to $10,000 from 2014.

Stamp duty concessions will apply to new properties worth up to $650,000. Non-first home buyers will be eligible for a $5,000 grant if they buy a new house.

First-home buyers who buy an established property will not be eligible for a grant after October 1.

Source: Banking Day

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