When buying your first home, financial planning is a crucial aspect that buyers need to consider. The South Australian Government provides assistance for first home buyers entering the property market. In South Australia there are various grants available for First Home Buyers.
First homeowners - get across available grants!
SA first homeowner grant
This grant is a one-off payment of up to $15,000 for the purchase or construction of your first residential home as the principal place of residence. This includes a new house, apartment or townhouse. No property value cap applies where the contract was entered into on or after 6 June 2024. If you entered into your contract on or before 5 June 2024, a first home owner grant is available for new homes with a value of up to:
- $650,000 or less where the contract was entered between 15 June 2023 and 5 June 2024; or
- $575,000 or less where the contract was entered into on or before 14 June 2023.
However, you must occupy the home for a continuous 6 months within a 12 month period of settlement. Find out more and check your eligibility on the Revenue SA website.
HomeSeeker SA
The South Australian Government has implemented an initiative called HomeSeeker. The initiative aims to support eligible South Australians looking to buy a home and provides several different initiatives. Find out more on the HomeSeeker SA website.
Stamp Duty Relief for Eligible First Home Buyers
If you are a first home buyer and eligible for the stamp duty first home buyer relief, the relief may reduce your stamp duty to zero when purchasing an off the plan apartment, new home or house and land package.
Eligible first-time buyers can take advantage of this relief when entering into contracts after 6 June 2024. Find out more and check your eligibility on the Revenue SA website.
Purchasing your first home has been made easier with the contribution from the government helping first home buyers enter the housing market. These grants provide financial assistance helping first time buyers to purchase their first home. Download our Financing Your First Home Guide for further information about navigating the home buying process.
