--- title: Levelling the playing field for first homebuyers in SA description: "If you’re struggling to break into the housing market, it can seem like the property market is rigged towards investors: they have more financial horsepower, benefit from negative gearing, and they love the affordable housing options favoured by low to mid-income buyers." image: https://blog.cedarwoods.com.au/hubfs/Ceda_FHB_SA_hero.jpg --- # Levelling the playing field for first homebuyers in SA Written by [Cedar Woods ](https://blog.cedarwoods.com.au/adelaide-and-sa/author/cedar-woods) May 1, 2024 12:50:48 PM Share post ![Buying your first home?](https://blog.cedarwoods.com.au/hs-fs/hubfs/Images/Content%20Hub/Landing%20pages/Sprint%201%20eBook/cw_lp_hero_sprint_1_ebook_v2.png?width=345&name=cw_lp_hero_sprint_1_ebook_v2.png) ## Buying your first home? Buying a new build property as your first home has many advantages over existing dwellings. Learn all the benefits and get tips to help you decide on your first property by downloading our comprehensive guide for first home buyers.  [![Get the guide](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/7794817/99338454-99d3-4b18-9f19-16d41b49fb05.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/7794817/99338454-99d3-4b18-9f19-16d41b49fb05) ![Featured photo of Levelling the playing field for first homebuyers in SA](https://blog.cedarwoods.com.au/hs-fs/hubfs/Ceda_FHB_SA_hero.jpg?width=345&name=Ceda_FHB_SA_hero.jpg) If you’re struggling to break into the housing market, it can seem like the property market is rigged towards investors: they have more financial horsepower, benefit from negative gearing, and they love the affordable housing options favoured by low to mid-income buyers.   To level the playing field in South Australia, the state government has an initiative that takes investors out of the game. It’s called HomeSeeker SA, and it gives eligible South Australians exclusive access to affordable property listings including houses, townhouses, apartments, duplexes and land. Think of it as an inverse members-only club – investors need not apply.   HomeSeeker SA takes a multi-pronged approach to making home ownership happen. It also includes shared equity options, where you buy a home in partnership with the government. Plus, there is the option of financing your home through HomeSeeker SA with a low income, low deposit home loan.  ##### Do you qualify for HomeSeeker SA? Unlike most other affordable housing initiatives around Australia, HomeSeeker SA isn’t limited to first home buyers. If you have previously owned property you can still apply.   Eligibility is based on your current financial situation.   If you can answer ‘yes’ to the following criteria, chances are you qualify:  - You’re **18 or over.**  - Either you or your partner (if applying jointly) are **Australian citizens** or **permanent residents.**  - Your before tax **income is $120,000 or less ** and your total assets are less than $579,500 (not including super).  - If you’re buying with your **partner or family**, your household **income is** **under $155,000** and your total assets are less than $739,500 (not including super).  - If buying in regional South Australia, your household income is less than $120,000, or $95,000 if you’re single.  - You don’t currently own a residential property – either in Australia or overseas.  - The home will be your **principal place of residence.**  - Upon settlement, you **live in the home continuously for at least 6 months**.  - You have **saved enough for a deposit and upfront fees **and charges.  - You have** finance pre-approval **from a financial institution.  ##### A choice of housing options  To help alleviate the housing affordability crisis, the Government of South Australia has amended its Planning and Design Code so that all new significant developments within designated areas [provide 15% affordable housing](https://www.sa.gov.au/topics/business-and-trade/building-industry/planning-professionals/developer-responsibilities-for-affordable-housing). It is these homes that  you have access to through HomeSeeker SA – and they’re in estates and developments throughout Adelaide. There’s even land available, so you can build your own home. See the full listing [here](https://homeseeker.sa.gov.au/properties).  ##### What other government assistance is available?  That affordable home you find through HomeSeeker SA is even more affordable if you take advantage of the other state and federal grants and initiatives on offer. If you’re a first home buyer, you might also qualify for:  - [**First Home Owner Grant**](https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer)** (FHOG). **This $15,000 grant is available on new homes, including off-the-plan apartments. No property value cap applies where the contract was entered into on or after 6 June 2024. The eligibility criteria is similar to HomeSeeker SA, except you can’t have owned residential property in Australia before.  - [**Stamp Duty Relief. **](https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer)If you qualify for the FHOG, chances are you’ll qualify for stamp duty relief too. The relief may reduce your stamp duty to zero when entering into a contract to purhase an off the plan apartment, new home or house and land package after 6 June 2024. - [Australian Government 5% Deposit Scheme](https://firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme). The Australian Government 5% Deposit Scheme helps eligible first home buyers purchase a property with as little as a 5% deposit, without needing to pay Lenders Mortgage Insurance (LMI). Backed by a government guarantee, the scheme makes it easier for Australians to enter the property market sooner and reduces the time needed to save for a traditional 20% deposit. Buyers must meet eligibility criteria and apply through a participating lender. - [**First Home Super Saver Scheme**](https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/first-home-super-saver-scheme)**. **This scheme, administered by the Australian Tax Office, lets you save for a deposit by making extra contributions to your super fund capped at $15k per year up to $50k total . You pay less tax on super, however there are limitations on how much you can withdraw. The scheme is complex, so it’s best to speak to an accountant to see if it works for you.  ##### Good things to know  You’ve discovered how to break into the housing market with help from HomeSeeker SA. Now, the next step is to familiarise yourself with how the process works, the terminology you’ll encounter, and your finance options. To help you with this, we’ve put together a helpful Guide For First Home Buyers. Happy reading – and house hunting.  [![GET THE GUIDE](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/7794817/f5efab93-46e5-4787-826e-87b8014a8181.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/7794817/f5efab93-46e5-4787-826e-87b8014a8181) Share post ![cw_module_research_mode_v2](https://blog.cedarwoods.com.au/hs-fs/hubfs/Cedar%20Woods%20Theme/images/cw_module_research_mode_v2.jpg?width=1176&height=1016&name=cw_module_research_mode_v2.jpg) ## Sign up to get the latest news, stories and updates from Cedar Woods. ## Looking for more? See related articles... 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Here’s why you should consider a new build](https://blog.cedarwoods.com.au/hs-fs/hubfs/Images/Content%20Hub/Blog%20posts/Updated%20blog%20imagery%200522/cw_blog_First%20home%20buyer.webp?width=345&name=cw_blog_First%20home%20buyer.webp) ](https://blog.cedarwoods.com.au/blog/first-home-buyer-heres-why-you-should-consider-a-new-build) ## First home buyer? Here’s why you should consider a new build Whether you’re over paying rent, itching to get on the property ladder or simply looking for a home to call your own, buying your very first home is an exciting (and sometimes daunting) prospect. And with brand new homes being an increasingly appealing option for first home buyers, there are a... 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