News
First Home Owner Grant Changes
The NSW Treasurer has announced the states New First Home Buyers Supplement has been extended to the 30th June 2010.
Eligible first home buyers who build or purchase a new home will receive $10,000 (FHOG $7000 + $3000 NSW Home Buyers Supplement). The Commonwealth Boost of $7000 has now expired.
Those purchasing existing homes will receive a $7,000 grant. The NSW First Home Buyers Supplement will be available until 30 June 2010 and the $7,000 First Home Owner Grant and the First Home Plus schemes will continue to be available after the 30th June 2010.
Applicants who build or purchase a home which has a total value of more than $750,000 will not be eligible for the grant.
Eligible first home buyers do not pay duty on homes priced up to $500,000 and vacant land up to $300,000. Concessions on duty are available on a sliding scale for homes priced between $500,000 and $600,000, and for vacant land priced between $300,000 and $450,000. This scheme provides savings of up to $17,990 for first home buyers.
The NSW Government has also put in place measures to ensure currently serving defence personnel do not miss out on benefits available to other first home owners. Permanent Australian Defence Force members who are on the NSW electoral roll will now be exempt from the six month residence requirement.
The 50 per cent cut in stamp duty for eligible NSW home buyers (non first home buyers) who purchase a new home or investment property priced up to $600,000 has also been extended for another six months until 30th June 2010.