If you’re a first home buyer, we have some exciting news for you! In the 2023-24 State Budget the South Australian Government introduced a range of measures designed to support first home buyers in achieving the great Australian dream of home ownership.
Owning a home is often considered a significant step, not only as a life goal, but also as a way to build personal wealth. Weekly rent payments are replaced with mortgage repayments which represent an investment in your future and in your most valuable asset – your new home. However, becoming a homeowner can sometimes seem challenging with high deposits, rising property prices, and government charges that can all combine to make the dream of home ownership seem out of reach.
But thanks to this State Budget, there’s never been a better time to invest in your future and make your dreams a reality. With the new stamp duty relief, first home owns grant and low deposit loan options, there are plenty of opportunities and support now available which we’ve detailed below. We’ve also included references so you can do your own research and decide for yourself if this is something you can take advantage of.
Stamp Duty Relief
One of the most significant changes for first home buyers in South Australia is the new stamp duty relief. Under this Stage Budget, eligible first home buyers will pay no stamp duty when purchasing land up to $400,000, or a new home valued up to $650,000, with the relief gradually diminishing for land up to $450,000 and homes up to $700,000. Effective from 15 June 2023 all eligible first home buyers entering a contract after this date can save up to $16,330 (on land valued at $400,000) or $29,580 (on homes valued at $650,000).
For more information, visit: Revenue SA Stamp Duty Relief
First Home Owners Grant
In addition to the stamp duty relief, the First Home Owners Grant (FHOG) is also available and provides eligible buyers with a grant of $15,000 to assist with purchasing their first home.
With this State Budget, the threshold for the grant’s property value cap has also been increased from $575,000 to $650,000. This means that more first home buyers can now benefit from the grant and receive additional help to get a foot in the door of the housing market.
For more information, visit: First Home Owners Grant
Additional Support through HomeStart Loans
The State Government has also strengthened measures to help eligible first home buyers by offering HomeStart Finance loans with only a 2% deposit without the need for mortgage lender’s insurance. These loans are specifically designed to assist first-time buyers in building or buying a new home. On a home valued at $650,000, a 2% deposit is only $13,000, instead of the usual 20% (or $130,000). That certainly makes it easier for first home buyers to secure financing for their new home.
For more information, visit: Home Start Loans
The stamp duty relief, First Home Owners Grant and the 2% Home Start Loans provides a substantial financial boost to eligible first home owners and represents a significant step towards making home ownership more accessible and affordable.
If you’re a first home buyer, now is the perfect time to take advantage of these opportunities and turn your dream of owning a home into a reality. Don’t miss out on this exciting chance to secure your future and create a place to call your own.
And there’s no better place to build your new home than at Newbridge.
Dubbed the new green heart of Murray Bride, Newbridge is a place where every detail has been carefully considered to create a welcoming and connected community. With its sprawling reserves, inviting play spaces, walking trails, leafy, tree-lined streets, and two new golf fairways extending through the middle of the neighbourhood, Newbridge sets the stage for an exceptional living experience.
Whether you choose a premium allotment overlooking the golf fairways, a traditional block or a low-maintenance villa allotment, Newbridge offers the perfect place to build the home, and lifestyle, you’ve been dreaming of.
If you’d like to join this thriving community, contact our sales team today on 0427 901 315 or sales@newbridgeliving.com.au
We look forward to welcoming you to Newbridge soon.
