South Australia first home owners grant and other schemes

Thinking about buying your first home in the festival state? South Australian homes are the fourth most expensive in the nation with a median home in Metropolitan Adelaide costing $700,000. Such prices make getting on the property ladder a challenge for first home buyers. This is especially true amid rising costs of living and interest rates. In January 2023, owner-occupier first home buyer loans fell to a five-year low, according to the ABS. The South Australian government offers grants and incentives to help first buyers enter the property market sooner. Here’s everything you need to know about South Australia’s first home grants and concessions. To summarise, South Australia first home owner grants and concessions include the following:

  • A $15,000 South Australia First Home Owners Grant (FHOG) for eligible buyers
  • No stamp duty on first homes valued under $650,000
  • Concessional stamp duty rates on first homes valued $650,000-700,000
  • Different loan options through state-owned lender HomeStart Finance
  • Federal schemes including First Home Super Saver and First Home Guarantee Buying your first home? Contact a UNO broker today.

South Australia First Home Owners Grant (FHOG)

In South Australia (SA), eligible first home buyers can receive a once-off $15,000 First Home Owners Grant when buying or building a new home valued under $650,000. To be eligible for a FHOG in South Australia, recipients must meet the following criteria:

  • Be an Australian citizen (OR New Zealand permanently residing in Australia) aged 18 and above
  • Applicants have not received a first home owner grant before
  • Reside in the home as your principal place of residence for 6 months within 12 months of settlement
  • Not have owned a property in Australia before
  • Purchase a new or substantially renovated home The market value of your property cannot exceed $575,000 where the contract was entered into between 2010 and 14 June 2023. For contracts entered 15 June 2023 onwards, the value is up to $650,000. The grant can apply to vacant blocks of land provided a home will be built on there and the combined value does not exceed the above thresholds. There are no further rules on how to spend SA FHOG so some buyers choose to use it towards their deposit. A UNO broker can help determine your eligibility for FHOG and guide you through the application process. South Australian First Home Owner Grant is a scheme co-funded by the state and federal governments aimed at helping promote homeownership for first-time buyers.

South Australia stamp duty exemptions and relief

Announced in the 2023-24 state budget, eligible first home buyers enjoy no stamp duty on new homes valued under $650,000 and concessional rates on homes valued up to $700,000. Eligible buyers of vacant land pay zero stamp duty on land valued below $400,000 or reduced stamp duty on land worth $400-450,000. Concessional stamp duty relief rates. Source: Revenue SA.Property Value Stamp Duty Stamp Duty Relief Payable $660,000 $30,130 $24,104 $6,026 $670,000 $30,680 $18,408 $12,272 $680,000 $31,230 $12,492 $18,738 $690,000 $31,780 $6,356 $25,424 $700,000 $32,330 $0 $32,330 Contracts need to be entered into after 15 June 2023 and eligibility depends on the above FHOG criteria. Stamp duty is a state government tax on certain transactions and documents such as housing and vehicles.

Low deposit loans through HomeStart Finance

HomeStart is a State Government lender focused on providing home loans for South Australians, including flexible home loans for first home buyers. They offer a range of loan options including low (2-5%) deposit loans, loans for graduates with a Certificate III or higher and shared equity options. UNO has access to HomeStart Finance. A UNO broker can help navigate your options with this lender plus over 20 others.

$10,000 Starter Loans for eligible first home buyers

South Australian first home buyers who earn less than $75,000 as individuals (or $100,000 for couples) can access a $10,000 interest-free starter loan through HomeStart. South Australia first home owners grantSource: HomeStart Finance The Start Loan is interest-free for seven years with no repayments needed during this period. It is a secondary loan atop of your HomeStart home loan to help with the upfront costs of home ownership including construction costs. If the loan isn’t paid off within seven years, the balance will be reviewed and possibly transferred onto your primary loan balance. Introduced in the 2019 South Australian State Budget, the Start Loan is supported by the Affordable Housing Fund. You can read more about the Starter Loan here.

Low deposit home loans for SA first home buyers

Saving a large deposit can be a huge challenge for South Australian first buyers. While a deposit of 20% is preferable to avoid lender’s mortgage insurance (LMI), some lenders accept lower deposits. A low deposit might help you get into your first home sooner. In South Australia, there are many options for low deposit home loans including the following:

Buying your first home in Adelaide: a step-by-step guide

  1. Calculate how much you can borrow - UNO’s Borrowing Power Calculator will estimate how much you can borrow, giving you a budget for your property.
  2. Find finance - A UNO broker can find you the best deal by comparing rates from over 20 lenders
  3. Secure pre-approval - Submit documents including payslips and bank statements for pre-approval
  4. Find the right property - Once you have a budget, start looking for your property. Take advantage of UNO’s partnership with Abodable offering customers up to $51,000 cash back when purchasing a new home*.
  5. Make an offer on your property and settle within 45 days.

Federal first home buyer schemes

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What our customers are saying

Gabe Windsor
October 26, 2023
What a fantastic experience using UNO Home Loans. Mike Parsons and the team were exceptional. Such an easy, hassle free experience, cannot recommend them highly enough. Mike Parsons was in touch every step of the way, and with him doing all the leg work, the transition to a refinanced home loan was a very easy one. Thank you!
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July 1, 2023
Scott Wilkinson has been fantastic when dealing with my broking needs. He has held my hand through every step of the way and has made purchasing my first home a much more comfortable experience than I anticipated.
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June 1, 2023
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June 1, 2023
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We are truly grateful for uno home loans and our broker Karis Churchill. This is our second time purchasing a home with the help from Uno and both times have been a very positive experience. Our recent purchase had many obstacles due to different factors however it was our dream home and we were up for the challenge. Our broker Karis was a true support and went above and beyond. She communicated so well with our solicitor and the real estate agents. She kept us updated through every step and kept us motivated when things seemed impossible. Uno is very fortunate to have Karis as a broker and we would highly recommend her to anyone. Our family are so happy we are now in our new forever home. Thank you so much Karis and to the uno team!!!
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