Existing FHOG of $7,000 will be abolished for existing properties.
New FHOG will however more than double to $15,000 from 1 October 2012 ($10,000 from 1 January 2014) for new properties up to $650,000;
A New Home Grant of $5,000 to all non-first homebuyers of new properties up to $650,000;
First Home Buyers Stamp Duty Concessions will continue with an exemption from stamp duty if buying a new property up to $650,000 (up from $600,000) intended to reflect Sydney’s median house price.
The existing grant will most likely pull forward demand and may affect home prices up to 1 October. The Home Loan Company can advise you on how to make the most of the Grants and compare home loans to get the right one for you.
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