Impact of NSW Budget on Property Sector

A summary of the changes is as follows:




New Home Grant Scheme



From 1 July 2012, a new $5,000 grant will be provided to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.



The grant is targeted at all non-first home buyers and is available to investors as well as owner occupiers. The grant will be administered through the transfer duty payment process.



First Home Owner Grant (New Home) Scheme



From 1 October 2012, the First Home Owner Grant Scheme will be replaced by the First Home Owner Grant (New Home) Scheme. The new scheme will only apply to first home buyers who purchase or build a new home valued at up to $650,000.



The grant will increase from $7,000 to $15,000 from 1 October 2012 to 31 December 2013 and to $10,000 from 1 January 2014.





First Home – New Home

From 1 July 2012:



  • The transfer duty exemption cap on new homes increases to $550,000 with duty concessions for new homes valued between $550,000 and $650,000



  • The transfer duty exemption cap on vacant land increases to $350,000 with duty concessions for vacant land valued between $350,000 and $450,000




More information