04 Jul, 2012 12:00 AM THE New Home Grant Scheme and stamp duty exemption increases came into effect on July 1 in an effort to try and revive the housing sector and boost supply across the state.
The previous stamp duty incentive has expired and the New Home Grant Scheme offers $5000 to all non-first homebuyers of new properties whether off the plan or newly built, up to the value of $650,000.
Those buying vacant land up to the value of $450,000 with the intention of building a new home will also receive the grant, which is available to investors as well as owner occupiers.
Additionally, stamp duty exemption increases for first home buyers of new homes and vacant land also kicked in on July 1.
The stamp duty exemption increases to $550,000 (up from $500,000) with concessions to $650,000 for first home buyers of new homes, while the exemption increases to $350,000 (up from $300,000) and concession to $450,000 for vacant land.
"This is great news for homebuyers across the State and is further proof that this Government is taking action now to address decades of neglect in the State's housing and construction market," said NSW Treasurer Mike Baird.
From October 1, the First Home Owner Grant will more than double to $15,000 and then continue at $10,000 from 2014 for first time homebuyers of new properties.
"The Building the State package is the most generous first home buyer scheme for new home buyers and will get the State's housing construction industry back on track, to boost housing supply, and get more people into new homes sooner," Mr Baird said.
(Article courtesy of Southern Highlands News)