Stamp duty abolished for first home buyers…

South Australia’s Treasurer, Stephen Mullighan, recently unveiled a budget that places a strong emphasis on housing.  

Among the key beneficiaries of this budget are first home buyers.

The aim is to facilitate greater home ownership for South Australians while simultaneously increasing the availability of new homes in the housing market.

One of the major highlights of the reforms is the substantial reduction in stamp duty costs for first home buyers.

Abolishing stamp duty for first home buyers

Stamp duty will be abolished for eligible first home buyers buying a new home [on or after 15 June 2023] valued up to $650,000, with relief progressively phased out for properties valued up to $700,000.

For the purchase of vacant land on which a new home will be built, stamp duty will be abolished on land valued up to $400,000, with relief phasing out for land valued up to $450,000.

This is estimated to assist around $3,800 first home buyers each year.

For more info – https://www.revenuesa.sa.gov.au/stampduty/first-home-buyer-relief 

Increasing the First Home Owner Grant property value cap

The First Home Owner Grant property value cap will be increased from $575,000 to $650,000 for eligible contracts entered into from 15 June 2023.

Note: If you are a first home buyer you may be eligible for the first home owner grant of up to $15,000, if you are buying or building a new home and that home will be your principal place of residence.

For more info – https://www.revenuesa.sa.gov.au/first-home-owners-grant
 

Fast tracking first home builder approvals

A fast-tracked approval process will be implemented for eligible first home buyers to expedite the planning approval process to see them in their new home sooner.

 
2% home deposit loan for first home buyers building a home

HomeStart will introduce a new home loan that will enable eligible first home buyers building a new home to take out a loan with as little as a 2 per cent deposit.

For more info – https://www.homestart.com.au/learn-more/im/buying-my-first-home

Summary of support

Combined, these measures could take years off the time it takes to save for a deposit and buy a house.

For example, an eligible first home buyer who enters into a contract to purchase a new home valued at $650,000 on or after 15 June 2023, could receive relief of up to $44,580.

As always, we are here to help – email us or call 08 8451 1500 anytime should you have any questions regarding the above first home buyer support measures.

Cheers,

Sam, Matt & Team
Urbantech Finance

PS. Don’t delay, get on the front foot right now – email us or call 08 8451 1500 to discuss your needs.

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