The New South Wales budget contains good news for first home buyers and encouragement for young families hoping to build their first home.
For many, this dream is now a big step closer to reality with the State Government decision to extend the full $15,000 First Home Owner Grant for new homes to January 1, 2016.
The grant is not means tested and is tax free.
“If you are thinking of buying, think new,” says NSW Treasurer Mike Baird.
The decision will benefit people struggling to get out of the rental market, and confirms that the NSW Government is looking to new home builders to lead a state-wide economic recovery.
The move is positive news not only for Sydney but also for home builders in regional centres and towns across the state.
The building industry could get a further fillip still if NSW and Canberra act on Mission Australia chief Toby Hall’s plea for the Federal Government to expand its National Rental Affordability Scheme.
This scheme, which offers incentives to build and rent dwellings at 20 per cent below the market rate, operates in partnership with the states and territories.