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Changes to First Home Owner Grant cap
Released 7 December 2010

In what is great news for first home buyers, the NSW Government has announced that the First Home Owner Grant cap will be increased to $835,000 from 1 January 2011.

The $835,000 cap applies to all applications where the commencement date of the eligible transaction is on or after 1 January 2011. The commencement date of the eligible transaction is the date of the contract to purchase or build a home or, for a builder, the date the foundations commenced to be laid.

Applicants who purchase or build a home which has a total value of more than $835,000 are not be eligible for the grant.

The previous cap of $750,000 still applies where the eligible transaction commencement date falls between 1 January 2010 and 31 December 2010 (inclusive).