Residents of New South Wales who are considering buying real estate may be interested in the recent announcement from the Office of State Revenue.
The government body has introduced the New Home Grant Scheme in an effort to support and encourage New South Welshmen to invest in property.
Beginning July 1, a $5,000 grant is available to buyers of new homes, whether off the plan or a plot of land on which it will be built.
To be eligible, purchasers must not choose real estate that exceeds $650,000 or a plot of land valued higher than $450,000.
The grant is available not just for owner occupiers but investors as well, making the incentive very attractive to various groups throughout the state.
Concessions can be applied for multiple times, but must be put towards different properties.
There are also no residency requirements attached to the grant. However, construction on new plots of land must begin within 26 weeks of the purchase date.
The funding cannot be used towards knocking down an existing home to rebuild on the same land.
