What Government Grants Are Available for First Home Buyers In South Australia?
There are three primary grants available at the time of writing this, subject to availability and other terms and conditions from the grant providers.
The three grants are the First Home Owners Grant, Home Guarantee Scheme, and Stamp Duty Relief.
1. The First Home Owners Grant (FHOG)
This $15,000.00 grant from Revenue SA is for purchasing or building a new home in South Australia. You will need to live in the home for at least 6 months within the first 12 months and must be a first home buyer.
The current market value cap is $650,000.00 for contracts entered into after July 15 2023, and $575,000.00 if before this.
Read the complete terms and conditions at: https://www.revenuesa.sa.gov.au/first-home-owners-grant
2. Home Guarantee Scheme
This Housing SA grant enables first home buyers to purchase a home with a 5% deposit without needing to pay Lenders Mortgage Insurance (LMI). This is only available through participating lenders.
The purchase price cap for this is $600,000.00 in metro areas and $450,000.00 in regional areas.
The purchasers must be intending to live in the property and must not have owned a property within the last ten years.
Read the complete terms and conditions at: https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee
3. Stamp Duty Relief
This grant is also controlled by Revenue SA and so the criteria is quite similar. This is for a new home or vacant land.
If the value of the new home is less than $650,000.00 (or vacant land is less than $400,000.00), stamp duty costs will be reduced to zero dollars.
If the value of the new home is less than $700,000.00 (or vacant land is less than $450,000.00), stamp duty costs will be partially reduced.
Read the complete terms and conditions at: https://www.revenuesa.sa.gov.au/stampduty/first-home-buyer-relief
These grants are subject to change and approval is with the grant provider and not Soho Financial. Grants are available as at 15/02/2024.
If you would like to discuss if one or all of these grants are right for you, click the link below!