The NSW State Government has announced an additional grant which could increase the maximum Commonwealth Government first home owner grant of $21,000 to $24,000 plus there is the additional saving of purchase stamp duty in NSW where the purchase price is less than $500,000.
For example, family buying a newly-constructed home at $500,000, could 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