First Home Owners Grant NSW
Grants and Concessions
Eligible first home buyers in New South Wales can access the First Home Buyers Grant of $7,000 for an established property or for vacant land on which to build or a newly constructed property. So whether you are looking around Sydney, Bondi or Coffs Harbour, as a first homeowner you can take advantage of financial assistance and government incentives. 
First home buyers purchasing property up to the value of $600,000 can also claim the First Home Plus scheme, which gives exemptions or concessions on stamp duty for first homebuyers.
- For property up to $500,000 the buyer pays no stamp duty
- For properties between $500,000 to $600,000 there is only a concessional amount of stamp duty to be paid.
This means that on a property valued at $400,000 you could be saving as much as $13,490 on stamp duty, as well as claiming the first home buyer grant. This kind of financial support when buying your first home can prove the difference between it being affordable or not. These grants and concessions are available to all first home owners who meet the criteria.
No one likes unexpected bills, so ask your mortgage broker today what you can claim and how much is available to you. It is important to know whether you will need to pay any stamp duty or not before you buy, so you can factor that into your budget.
Buying property in NSW
The NSW property market is competitive and with these grants and concessions you can be finding affordable property and enjoying your new home sooner than you think. According to the Australian Bureau of Statistics, NSW recorded a 10.8% gain in home loan approvals for owner-occupied homes during the month of December. This rise is thought to be directly linked to the boost to the first home buyer grant as well as lower interest rates, as first home buyers storm the market looking for their first home.
The median house price fell in Sydney by 1.5% in October but property experts believe that once investors begin to notice the effect of lower interest rates, the market will pick up again in both the upper and lower ends of the market. Increased affordability and demand will drive the property recovery in NSW during 2009 and many economists are predicting further interest rate cuts by June. First home buyers must act quickly now to take advantage of the current favourable conditions.
Apply for your grant today!
All of the grants are easy to apply for, in fact your mortgage broker can probably complete the application on your behalf, and in no time at all you can be enjoying the financial benefits of being a first home owner. Don't delay finding out how much you can claim.
To find out more talk to Your Local Finance or visit the NSW Office of State Revenue website: http://www.osr.nsw.gov.au/benefits/first_home/
Call and find your nearest mortgage broker today on 
Changes to the First Home Owners Grant
The First Home Owners Grant was increased in 2008 but is now due to be reduced as of 31 December 2009. The original first home owners grant of $7,000 is still available to eligible first home buyers.
The grant was boosted by the Federal Government during the global financial crisis to boost the property market but is now winding back to the original $7,000. The grant is designed to help first home buyer onto the property ladder.
The NSW First Home Buyers Supplement will be available until 30 June 2010 and the $7,000 First Home Owner Grant and the First Home Plus schemes will continue to be available after 30 June 2010.
If you would like more information on what you can claim please contact your nearest mortgage broker.
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