He Giveth and He Take Away – It’s All About New – Housing that is in NSW

The NSW Government’s plan is all about stimulating new housing and hoping some added bonuses may mean some of it occurring in regional area.

Good news in NSW for First Home Buyers – but only if you buy a new house or apartment.  You can now receive $15,000 for new property up to $650,000 (up from $600,000).  The $7,000 for existing property is gone.

Benefits also apply for stamp duty.  None to pay for first home buyers of new houses and apartments – also up to $650,000.

Starts from October 1, so for example, now first home buyers of a new home priced at $550,000 can save up to $35,240.

However, if you are a not a first home buyer, you no longer receive any stamp duty concessions for new properties.  Instead, there will be an offer of a $5,000 grant for investors, upgraders and downsizers for new properties priced up to $650,000.

From 1 July 2012 most purchasers of new homes in NSW valued up to $650,000 will be eligible for a $5000 New Home Grant.

The Grant will also be available to purchasers of vacant land valued up to $450,000 on which a new home will be built.

It is worth a read of the Government view as to who and what entities can buy, how it applies to major renovations or change of use.

As well, the Regional Relocation Grant will continue (3 years to go) with a one-off payment of $7000 to assist with the cost of relocating to a regional home.

Read more here for all the details http://www.osr.nsw.gov.au/benefits/first_home/