NSW Government extends First Home Owner Grant
The New South Wales Government handed down its 2013/14 Budget yesterday, which includes an extension of the First Home Owners Grant. The grant of A$15,000 to first-home buyers purchasing new properties was due to reduce to $10,000 at the end of this year, but it will be maintained at the current level until January 2016.The grant applies to properties costing up to $650,000.The Government has also maintained the New Home Grant, which is a grant of $5000 for established property owners who are buying a new property worth up to $650,000.First-home buyers will continue to be exempt from stamp duty on properties costing less than $550,000 and will pay reduced duty on properties worth between $550,000 and $650,000.The Government announced other measures aimed at helping the state's home building industry. It has allocated more than $300 million to road building and other services in high-growth areas such as Green Square in inner city Sydney, Blacktown in Sydney's outer west, and Maitland in the Hunter Valley.