The first home owner’s grant will more than double under the new budget, with $15,000 up for grabs for those looking to buy New South Wales dwellings.
Those looking at new property, valued up to $650,000, will be able to tap into this new windfall.
However, those interested in purchasing older property will see their $7,000 bonus disappearing under the First Home Owner’s Grant (New Home) Scheme.
New apartments and houses will also continue to be exempt from stamp duty for first time buyers.
These changes will come into place from October 1 this year until the end of 2013. Investors will then see a drop down in the grant to $10,000 from 2014.