From 1 July 2012, a new $5000 grant will be provided to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home, valued up to $450,000.
The grant is targeted to all non-first home buyers and is available to investors and owner occupiers. The grant will be administered through the transfer duty payment process.
First Home Owner Grant (New Home) Scheme
From 1 October 2012, the First Home Owner Grant Scheme will be replaced by the First Home Owner Grant (New Home) Scheme. The new scheme will only apply to first home owners who purchase or build a new home valued up to $650,000.
The grant will increase from $7000 to $15,000 from 1 October 2012 to 31 December 2013 and back to $10,000 from 1 January 2014.
Just keep in mind that from 1 October 2012, the First Home Owner Grant will only be payable on the purchase of new homes, though the $7000 First Home Owners Grant will still apply for purchases of existing homes entered into before 1 October 2012.
And you can’t recieve both the First Home Owner Grant AND the $5000 New Home Grant.
Naturally, before you put any government grant into your buying budget, speak to your solicitor.