News for First Home Buyers

The State Budget has been released and the First Home Owners Grant will be abolished from 1 October 2012 and replaced with the First Home Owner Grant (New Home) Scheme which will only apply to first home buyers who purchase or build a new home valued up to $650,000.00. The grant will be for $15,000.00 and be reduced to $10,000.00 from 1 January 2014.
The State Budget also revealed that from 1 July 2012, a new $5,000.00 grant will be provided to buyers of new homes, whether off the plan or newly built, with a value of up to $650,000.00. The grant is targeted at all non-first home buyers and available to investors as well as owner occupies.

For further information you can visit http://www.osr.nsw.gov.au/legislation/budget/2012/.