First home buyers on the rise

Official figures show that thousands of homeowners are realising their dream for the first time, with the number of first homeowner grants rising by almost 11 per cent over the last financial year.

Treasurer Gladys Berejiklian says OSR data shows the two grant programs, the First Home Owner Grant scheme and the First Home - New Home scheme, are delivering steady results.

“Last financial year the number of First Home Owner Grants increased by about 900 to around 9,400 and the dollar value of those grants rose by 12 per cent to $138 million,” Ms Berejiklian said.

The First Homeowner Grant Scheme provides $10,000 towards the construction or purchase of newly built homes vauled up to $750,000. It began in 2012 and is designed to boost housing supply.

“In addition to First Home Owner Grants, in 2015-16 we provided a total of 9,522 stamp duty concessions to first homebuyers worth $94.6 million,” Ms Berejiklian said.

The First Home - New Home scheme provides further financial assistance for first homebuyers by offering full exemptions from stamp duty on new homes valued up to $550,000, and stamp duty concessions on new homes valued between $550,000 and $650,000.