By Mohammed Algalele March 10, 2015

The NSW New Home- First Home Owner Buyer scheme's cap could rise from $550,000.00 to $750,000.00 by the government as part of proposal's for this months budget.

This move would assist first-home buyer's to purchase homes in an ever competitive market. The average median price of a unit in Sydney is now $750,000.00. Since most Vendors require a 10 % deposit, the First Home Buyers scheme has succeeded in bringing some relief.

Nonetheless, it has been still difficult to take advantage of this scheme as the current market trends strikes of the whole scheme as impractical. The impracticability comes as Sydney purchasers are struggling to find a brand new (of the plan) unit let alone home below $750,000.00.

This proposal if passed will come of as good news for many first home purchasers who will undoubtedly feel some relief with the grant lessening the already strenuous burden.

The NSW Treasurer Andrew Constance confirmed that this proposal would lessen the burden on first home purchasers- "This will make the dream for young families of owning their own home that bit easier."