New Home Buyers To Benefit From Change In Grant Scheme

A few major housing grants have changed all across the country. Seeing the Goods and Services Tax weighing down home owners, the government came up with the First Home Owner Grant in the year 2000. It offered $7,000 to FHBs looking to buy a new or an existing home, says Emma Sorensen for the website realestate.com.au.

One major change proposed in the Grant is that it will be only available to new home buyers now. In other words, if you are buying an established home, you won’t be able to avail this government bounty. The Grants may vary subject to your place of residence and date of application.

For New South Wales, the First Home Owner Grant has been changed to the First Home Owner Grant (New Home) Scheme. Through the new scheme, you can avail $15,000 instead of $7,000 now and the cap has been brought down to $635,000 from $835,000. To reiterate, the Grant will only apply for new homes.

Those looking to relocate from their existing metropolitan home to a new regional home can now avail $7000 as part of the Regional Relocation Grant scheme.

You can read the original article here.