INCREASED FIRST HOME OWNER GRANT CAP

From 1 January 2011 the $7,000 First Home Owner Grant cap was increased to $835,000 from the previous $750,000 cap. Any applicant who purchases or builds a property in NSW with a value of greater than $835,000 will not be eligible for the grant. The existing thresholds for the First Home Plus Scheme (stamp duty exemption) remains the same at $500,000 for an existing premises and $300,000 for land.