The NSW State Government will increase the first home owner's grant for those buying new dwellings by $3000 in next week's mini-budget in a surprise move aimed at stimulating the ailing housing market.
This will increase the total of grants for first home buyers to $24,000.
But for the first time in NSW the home owners' grant in effect will be means tested - the State Government's $7000 to $10,000 component of the grant will be unavailable for properties that cost more than $750,000.
Together with a State Government stamp duty exemption worth up to $17,990 for first home buyers who buy property worth up to $500,000, the changes would mean state and federal governments could contribute as much as $41,990 to the cost of a new home.
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