Your First Home

First home buyers in South Australia have access to several benefits and assistance programs designed to make purchasing a home more affordable:https://homeseeker.sa.gov.au

1. First Home Owner Grant (FHOG): Eligible first home buyers can receive a one-off payment of up to $15,000 when buying or building a new residential property in South Australia. This includes houses, flats, townhouses, or apartments that have not been previously occupied or sold as a place of residence. As of 6 June 2024, the property value cap for the FHOG has been removed, making the grant available regardless of the property's value. State Budget 2024-25+7RevenueSA+7UNO - Australia's Online Mortgage Broker+7 https://homeseeker.sa.gov.au+2People's Choice+2Backing the growth of South Australia+2 Mortgage Choice+6State Budget 2024-25+6Wikipedia+6

2. Stamp Duty Relief: For contracts entered into on or after 6 June 2024, eligible first home buyers are exempt from paying stamp duty on new homes or vacant land intended for new home construction, as property value thresholds for stamp duty relief have been removed. This change can result in significant savings; for example, purchasing a new home valued at $750,000 could provide relief of over $50,000 when combined with the FHOG. UNO - Australia's Online Mortgage Broker+4State Budget 2024-25+4https://homeseeker.sa.gov.au+4

3. HomeStart Finance: HomeStart Finance, a South Australian government-backed lender, offers various loan options to assist first home buyers:Aussie Home Loans+3UNO - Australia's Online Mortgage Broker+3Adelaide Now+3

Low Deposit Loans: Allowing eligible buyers to secure a home loan with a deposit as low as 2-5%. UNO - Australia's Online Mortgage Broker
Starter Loan: Providing up to $10,000 interest-free for seven years to help cover upfront costs associated with purchasing a home. Adelaide Now+2https://homeseeker.sa.gov.au+2UNO - Australia's Online Mortgage Broker+2

4. Federal Government Initiatives: First home buyers in South Australia may also benefit from national programs, such as:

First Home Guarantee: Enabling eligible buyers to purchase a home with as little as a 5% deposit without the need for lenders mortgage insurance. https://homeseeker.sa.gov.au
First Home Super Saver Scheme: Allowing individuals to use voluntary superannuation contributions of up to $50,000 towards their first home deposit. State Budget 2024-25+2UNO - Australia's Online Mortgage Broker+2news+2

These programs aim to reduce the financial barriers to home ownership for first-time buyers in South Australia.