Threshold increased for first home buyers

Entry-level home owners are winners in this year's NSW budget.

Treasurer Andrew Constance has announced the threshold for the $15,000 first home owners grant (new homes) will be increased to $750,000, up from $650,000.

The change means entry level home buyers can spend up to $750,000 on a property and still be eligible for the grant.

"We want to make it as easy as we can for first-time buyers to get the keys to their new home," Mr Constance said.

The budget also includes changes to the eligibility criteria for the $5000 new home grant.

From July 1, foreigners will not be eligible for the grant.

"There have been a small number of occasions where foreign, non-residents have claimed the grant, and some instances where there have been multiple applications for a grant from a single claimant," Mr Constance said.

The government has also announced an $83 million fund to accelerate opening up land in Sydney's southwest.