Stamp Duty Scrapped For First-Home Buyers In South Australia
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06 Jun, 2024
Updated: 26 Jul, 2024
Table of Contents
The Malinauskas Labor Government is bringing a wave of good news for first-home buyers in South Australia. As part of the 2024-25 Budget, the state has taken a major step towards making homeownership more accessible and affordable.
What’s New?
- First-home buyers who purchase or build a new home, including houses, flats, units, townhouses or apartments, will no longer have to pay stamp duty. This also applies to off-the-plan apartments, house-and-land packages, and vacant land for building a new home.
- The $15,000 First Home Owner Grant will be available to all eligible first-home buyers without any property value limits.
Financial Impact
The removal of property value thresholds brings considerable savings for first-home buyers. Let’s take a closer look at the before and after.
| Criteria | Before Policy Update | After Policy Update |
|---|---|---|
| Stamp Duty Exemption | Up to $650,000 property value | No property value limit |
| First Home Owner Grant (FHOG) | Up to $650,000 property value | No property value limit |
| Maximum Savings on Median House ($750,000) | $0 | Over $50,000, including $15,000 FHOG |
| Eligible Property Types | New homes up to $650,000 | All new homes, including houses, flats, units, townhouses, apartments, off-the-plan apartments, house and land packages, vacant land |
| Applicable to Existing Homes | No | No |
| Financial Support for Building | No specific support | 2% deposit home loan available through HomeStart |
Key Benefits
- Substantial Financial Savings: For example, a first-home buyer purchasing a new home at the median house price of $750,000 will benefit from over $50,000 in savings. This includes the $15,000 First Home Owner Grant, which makes a substantial difference in the overall cost of buying or building a home.
- Encouragement to Build New Homes: By lowering financial barriers, the policy incentivises the construction of new homes, helping to increase the housing supply.
- Economic Growth: Increased home construction fuels job creation in the building industry, supporting builders, tradies, suppliers and apprentices.
With the removal of stamp duty for first-home buyers, the dream of owning a home is now within reach for more South Australians than ever before. Don’t miss out on this fantastic opportunity to secure your future and invest in a place you can truly call home.
Want To Know More?
If you have any questions about the stamp duty changes or need a home loan, call us on 1300 889 743 or complete our free online assessment form to get started today.
