Navigating the various grants and schemes available to first home buyers in South Australia can seem overwhelming. However, understanding these options can make your journey to homeownership much simpler. This page provides clear, easy-to-understand information about the different government programs and grants available to first home buyers in South Australia.
Grants and schemes available for first home buyers in South Australia
| First Home Owner Grant | Stamp Duty Relief for Eligible First Home Buyers | |
| Acronym | FOHG | |
| Region | South Australia only | South Australia only |
| Location | Metro or regional | Metro or regional |
| Description | A one-time grant of $15,000 to eligible first home buyers purchasing a new home or a substantially renovated home. | Provides full or partial exemption from stamp duty (transfer duty) for eligible first home buyers purchasing their first home. |
| Property type | New homes or substantially renovated homes | New or existing homes, including vacant land |
| Minimum deposit | No minimum | No minimum |
| Property value limit | Up to $575,000 | For full exemption: Up to $500,000. For partial exemption: Between $500,001 and $650,000. |
| Owner occupied or investment | Owner-occupied | Owner-occupied |
| Number of places for FY24 | Unlimited | Unlimited |
| Income limit | Not means tested | Not means tested |
| Borrower eligibility | Must be an Australian citizen or permanent resident, and the buyer (or their spouse) must not have previously owned a residential property in Australia. | Must be an Australian citizen or permanent resident, and the applicant (or their spouse) must not have previously owned a property in Australia. |
| Purchasing history | The applicant (and their spouse) must not have owned a residential property in Australia since 1 July 2000. | The applicant (and their spouse) must not have previously owned a residential property in Australia. |
| Requirements for living in the property | The property must be lived in as the principal place of residence for at least 12 continuous months after settlement. | The property must be lived in as the principal place of residence for at least 6 continuous months after settlement. |
| Link to more information | South Australia Revenue Office – FHB | South Australia Revenue Office – FHB |
First Home Owner Grant (FHOG)
The First Home Owner Grant (FHOG) provides a one-time payment of $15,000 to eligible first home buyers purchasing a new home or building a new property in South Australia. The grant is available for properties valued up to $575,000. It applies to both metropolitan and regional areas, with no minimum deposit required. To qualify, the property must be owner-occupied, meaning the buyer must live in the home as their principal place of residence for at least 6 continuous months within the first 12 months after settlement. The grant is not means-tested, making it accessible to both single and couple applicants buying their first home.
Stamp Duty Concessions
Read more about the stamp duty exemptions and concessions available to first home buyers in South Australia, here
UFinancial’s full support for first home buyers
At UFinancial, we understand that buying your first home is an exciting, yet complex journey. Our mortgage brokers will guide you every step of the way, ensuring you make the most of the government grants and schemes available. Here’s how we help:
- Expert guidance: From determining your eligibility to handling all necessary documentation, we make sure you don’t miss any crucial steps.
- Access to multiple lenders: We work with over 40 lenders to find the best loan options for your needs, ensuring you get the best deal possible.
- No-cost services for first home buyers: Our services are free for first home buyers, as we’re compensated by the lender you choose. This means you get expert advice at no extra cost.
- Comprehensive buyer support: We offer personalised assistance with property searches, property evaluations, and advice throughout the buying process, ensuring you feel supported every step of the way.
Ready to get started?
If you’re ready to take the next step toward homeownership, or if you need help navigating the First Home Buyer Grants and Schemes, contact a UFinancial team member today to find out how we can assist you in securing the right home loan for your first home purchase.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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