There are a number of homebuyer grants and relief and stimulus packages currently available in South Australia, so we’ve rounded up all the information and compiled a guide, outlining the grants and relief packages available, their various conditions and who is eligible to apply.

HomeBuilder Grant

National Partnership Agreement – between State + Federal Government

For further information click here.
To apply click here.
This information was updated on 30-Nov-2020, following the extension and related changes announced on 29-Nov-2020.

What is provided?

  • $25,000 grant: non-taxable toward building a new home or a substantial renovation (Must have a contract to build, buy or renovate for owner occupation and this contract must be signed between 04-Jun-2020 and 31-Dec-2020)
    OR
  • $15,000 grant: for building contracts (non-taxable toward building a new home or a substantial renovation) signed between 1 January 2021 and 31 March 2021, inclusive.

Who can apply?

  • Available to eligible owner-occupiers (including first home buyers) who build a new home, substantially renovate an existing home, or buy an off-the-plan/new home.
  • Must have a contract to build, buy or renovate for owner occupation and this contract must be signed between 04-Jun-2020 and 31-Dec-2020 (inclusive) for the $25,000 grant and signed between 1 January 2021 and 31 March 2021, inclusive for the $15,000 grant.
  • A $15,000 grant for building contracts (non-taxable toward building a new home or a substantial renovation) signed between 1 January 2021 and 31 March 2021, inclusive.
  • An extended deadline for all applications to be submitted, including those applying for the $25,000 grant and the new $15,000 grant. Applications can now be submitted up until 14 April 2021 (inclusive). This will apply to all eligible contracts signed on or after 4 June 2020.
  • Construction must commence within 6 months of the date of the contract. There has been an extension to the construction commencement timeframe from three months to six months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be backdated and apply to all contracts entered into on or after 4 June 2020.
  • Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020. Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
  • If off plan/new home – it needs to be a sales contract rather than a building contract.
  • Income limits: less than $125,000 single and $200,000 couple in either FY19 or FY20.
  • A new build property price cap (house and land) of $750,000 or less for SA and as at 29-11-2020 there is a new price cap of $950,000 for NSW and $850,000 for Victoria, (construction must commence within 6 months of the date of the contract) or substantial renovation between $150,000 and $750,000 (and value of existing house & hand does not exceed $1.5m).

 

First Home Owners Grant

SA State Government

For further information click here.
To apply click here.

What is provided?

$15,000 grant: non-taxable toward the purchase or construction of a new residential property.

Who can apply?

  • First Home Buyers with a contract to purchase new residential property or build a new home – house, flat, unit, townhouse or apartment.
  • New residential property up to a market value of $575,000. Not for established homes.
  • Must be principal place of residence for 6 continuous months commencing within 12 months of signing contract to purchase or date construction completed.
  • Must not have owned a residential property prior to 1-Jul-2000.
  • Must not have owned a residential property in Australia on or after 1-Jul-2000 and occupied it continuously for 6 months or more.

First Home Loan Deposit Scheme

Commonwealth Government – administered through National Housing Finance and Investment Corporation

For further information click here.
Apply via participating lenders – click here.

What is provided?

  • Allows eligible purchasers to borrow without Lenders Mortgage Insurance if they have a deposit less than 20% but 5% or more.
  • Capped places scheme. i.e. the scheme runs out once the allocated number of places are all used.
  • Government acts as guarantor for up to 15% of the loan.

Who can apply?

  • First Home Buyers with a minimum 5% deposit.
  • Income limits: $125,000 singles, $200,000 couples.
  • Property price cap is $550,000 for Adelaide and regional centres, and $400,000 for the rest of the State.

 

Commonwealth First Home Super Saver Scheme

Federal Government

For further information click here.

What is provided?

  • First Home Buyer can withdraw voluntary superannuation contributions and pay towards a deposit.
  • You must have made voluntary contributions to your super fund after 1-Jul-2017. Concessional and non-concessional contributions count slightly differently. Super guarantee contributions by your employer do not count.
  • Voluntary contributions of up to $15,000 per financial year can be withdrawn.
  • Withdrawal limits: $30,000 for singles and $60,000 for couples. If not used, they can be returned to superannuation or a tax payment of 20% needs to be made on the withdrawal.

Who can apply?

  • A First Home Buyer, who has not used the scheme before.
  • Any First Home Buyer ready to enter the housing market. You do not need to have found your home yet, but you will need to buy a home within 12 months of withdrawal. Possible to request the Australian Tax Office to extend this to 24 months.
  • You must apply for and receive a determination before signing a contract for your first home.

 

Land Transfer (Stamp duty relief) Bushfire

South Australian Government

For further information click here.
To apply: Your conveyancer can apply for relief on your behalf at the time they are processing the Transfer. Your conveyancer will need a copy of the police report or insurance claim evidencing that the home has been destroyed.

What is provided?

  • Stamp duty relief of up to $48,830 on a replacement home (or vacant land on which a replacement home will be built) – available up to 20-Jan-2024.
  • Available on the purchase of a replacement home anywhere in SA.
  • Relief is capped at stamp duty on home with a value of $1m (if property value is $1m plus, the relief is capped at $48,830).

Who can apply?

  • Anyone replacing an existing home that was destroyed by the 2019/2020 bushfires.

 

 

HomeStart Starter Loan

An initiative of the 2019 South Australia State Budget and supported by the Affordable Housing Fund.

Link for further information click here.

What is provided?

  • The HomeStart Starter Loan is a secondary loan taken out with a primary HomeStart loan to help cover the upfront costs for buying or building a home.
  • The HomeStart Starter Loan has a five-year term, with no repayments required or interest charged during those five years. At the end of the five years, if the HomeStart Starter Loan is not paid in full, it will be reviewed and may be transferred to your primary loan balance, which may increase your loan term. Depending on circumstances, all or part of the HomeStart Starter Loan may be extended by HomeStart.
  • The HomeStart Starter Loan can provide up to $10,000 toward the upfront costs associated with buying or building a home with HomeStart. No interest is charged for 5 years and no repayments are required for 5 years.
  • Starter Loans are limited and are subject to the availability of funding from the Affordable Housing Fund.

Who can apply?

To be eligible for the HomeStart Starter Loan you will need to:

  • Qualify for a primary HomeStart loan.
  • Have a net household income of less than $65,000 for singles and $90,000 for couples.
  • Not own another property.
  • Have enough funds to cover the deposit, but not enough for the remaining upfront costs like Stamp Duty.
  • In the 2020-21 State Budget, increased eligibility to the HomeStart Starter Loan was announced, however, the details are still to be released. Keep an eye on the HomeStart Starter Loan page on homestart.com.au for further information.

 

Please note:

This summary is to be used as a guide only and is not legal or financial advice and must not be relied upon as such. It does not take into account the following grants, which are no longer available in SA:

  • Housing Construction Grant
  • First Home Bonus Grant
  • First Home Owners Boost
  • First Home Concession (SD)
  • Seniors Housing Grant
  • Pre-Construction Grant (off-the-plan apartments)