NSW first homebuyer grants changed

In NSW, the A$7000 First Home Owner Grant for established properties ended on September 30 last year. From October 1, the $7000 grant was replaced by the $15,000 First Home Owner Grant (New Homes) Scheme.

Under the new scheme, first home buyers who purchase or build a newly built home will be eligible for a $15,000 grant.

The grant will reduce to $10,000 on January 1, 2014. Under the new scheme, the grant will only be available where total value of the property does not exceed $650,000 (the cap was $850,000 under the old scheme).

Source: Banking Day