Threshold for NSW First Home Owners Grant increased

Threshold for NSW First Home Owners Grant increased

Posted on Tuesday, June 17 2014 at 2:57 PM

First homebuyers in New South Wales planning to make the most of a $15,000 grant for new property are now able to spend a little extra.

The threshold for
the grant has been increased from $650,000 to $750,000 in today’s 2014/15 NSW

This means any
first homebuyer who purchases a new property up the value of $750,000 would be
entitled to the grant.

NSW Treasurer
Andrew Constance says the changes will take place from July 1.

“The latest
figures show the number of grants has increased significantly over the past
financial year,” he says.

“First homeowner grants
for new homes are 46 per cent higher in the four months to April 2014, compared
to the same period the year before.”

However, it will
be harder to get the $5000 New Home Grant from July 1.

It’s currently
available for those who purchase new property up to the value of $650,000 or
for vacant land up to the value of $450,000.

To clarify, the
$15,000 grant is available for first homebuyers of new property, whereas the
$5000 is available for anyone who purchases new property.

However, the
$5000 grant will soon be restricted to Australian citizens and permanent
residents only. It will also be restricted to one grant per person, per year.

“There have been
a small number of occasions where foreign, non-residents have claimed the
grant, and some instances where there have been multiple applications for a
grant from a single claimant,” Constance says.

“We want to make
sure the system is the fairest it can be, while still building on the
confidence the grant has created in the home building sector.”



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