7000 First Home Buyer Grant Scrapped

In its latest budget, the NSW Government has scrapped the $7,000 grant for first homebuyers, but investors who plan to buy a new property will receive incentives up to $35,240. From 1 October 2012, first homebuyers who buy a new property worth up to $650,000 will see their grant more than double to $15,000. This amount will then drop to $10,000 from 1 January 2014. From 1 July 2012, purchasers buying new homes with a value up to $650,000, and vacant land intended as the site of a new home valued up to $450,000, will receive the newly-created $5,000 New Home Grant. The upper threshold for stamp duty concessions for first homebuyers has also been increased to $650,000, to reflect Sydney’s median house price. For more information visit www.osr.nsw.gov.au/legislation/budget/2012/