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News Release
New Home Buyers Grant to boost the NSW housing sector
8 November 2008
The NSW Government will boost the grant for families building their first home or buying a newly-constructed home to $24,000.
Premier Nathan Rees said a family buying a newly-constructed home worth $500,000 will now be $41,990 better off.
"The November 11 mini-Budget will see a $3000 boost to existing $7,000 grant, taking the total grant to $10,000.
"The means people building a new home or buying a newly-constructed home will receive a total of $24,000 in grants to help establish their new lives and to help boost the NSW housing sector."
A family buying a newly-constructed home worth, for example $500,000, will be $41,990 better off under the following schemes:
$7000 - NSW First Home Owners Grant
$3000 - NSW grant in mini-budget
$17,990 - NSW Stamp duty exemption for all first homes up to $500,000
$14,000 - Commonwealth First Home Owners Boost
Mr Rees said families will be able to apply for the new grant from November 11.
"In tough economic times, this boost combines with the fall in interest rates to make buying a home more affordable and gives a shot in the arm to the construction industry," Mr Rees said.
"The NSW property market has been hit hard by the global economic downturn and this initiative will help stimulate a critical sector of the economy.
"The grant is expected to help about 3000 first home owners, and will operate for one year, after which it will be re-assessed in the context of the property market.
"This grant is a further $9 million investment in the NSW housing sector and will be fully-funded by the NSW Government in the upcoming mini-Budget."
Mr Rees also announced reforms to the First Home Owners Grant scheme which is funded by the NSW Government, which would come into force from July 1, 2009.
"NSW will follow the lead of Queensland, which has announced that it will put a cap on their first home buyers scheme," Mr Rees said.
"The grant will now be available for properties valued up to $750,000.
"This important grant should go to people who need it most.
"Only around 4 per cent of all first home buyers purchase a property in NSW worth more than $750,000."
The cap is subject to a formal federal tick off and the NSW Government is writing to Canberra seeking that approval.
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