NSW New home grant scheme 2012 application question

If it is like the usual FHOGramts then can be processed at the settlement (if applying though a lender) or post settlement if applying directly with the OSR..

I did note from the link that it says you can elect to have the stamp duty reduced by the same amount so that would imply you could have it effectively paid after exchange (as stamp duty is payable within 90 days of exchange). Check with your soli or conveyancer on this method.
Thanks for that Marty.

Just referring to the document http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_nhg1.pdf
It mentions:

"Applications must be received within three months of the date of the first execution of the agreement or of the transfer (where there is
no agreement)."

What specifically does the 'date of first execution' mean when it comes to an OTP purchase? Is it when you first signed and put down your deposit or when settlement occurs?