As part of South Australia’s 2024-25 State Budget, the Peter Malinauskas Labor Government has announced that it will remove stamp duty for all first home buyers who are looking at purchasing or constructing a new home. Along with the Stamp Duty removal, the Government will also be abolishing the threshold for the $15,000 FHOG that is available on new homes.
Prior to this announcement, eligible first home buyers in South Australia could only receive a stamp duty exemption if the value of their new home was below $650,000, but now aspiring first homeowners in South Australia will NOT pay any stamp duty regardless of the value of the new property. The stamp duty reduction announced in 2023 has already helped a significant number of first home buyers achieve their dream of home ownership, with this new announcement, the South Australian Government believe it will help a further 1,200 first home buyers over the next 4 years.
This announcement comes amidst Adelaide property prices rising to a record level which can be attributed to the lack of supply of housing in the State. The Malinauskas Government believe this policy will help boost supply of housing across the State.
The SA budget will also include $425 million for housing projects in Seaton and $150 million for housing projects at Noarlunga – another measure announced at increasing the supply in Adelaide’s outskirts.
In addition, the $15,000 First Home Owners Grant (FHOG) has been extended for another 4 years along with the removal of the price cap of $750,000. First home buyers will now be able to spend more than $750,000 on a brand new home and still be eligible for the FHOG of $15,000.
What will the removal of stamp duty mean for first home buyers?
- Help first home buyers get into their first home with reduced costs of buying their first home.
- Help SA first home buyers achieve their dream of owning their first home sooner by avoiding the need to save for the large cost of stamp duty.
- Boost the economy as this is expected to create more demand for new housing, leading to more jobs being created.
- First home buyers can purchase a new home or house & land package in South Australia, without having to worry about price thresholds
- It is expected to help over 2,000 first home buyers each year.
South Australian Premier – Peter Malinauskas
To work out the exact costs of buying your first home in South Australia, use our eligibility estimator
What properties can I purchase?
- Brand new completed home / townhouse / apartment
- House & Land Package
- Land & Construction of a new home
Is the First Home Owners/Buyers Grant still available in South Australia?
The first home owner/buyer grant is available to eligible applicants who purchase or build a new home in south Australia, it currently stands at $15,000 – it expected to remain at this level till 2028. The first home builders grant in SA is only applicable on the purchase or construction of new dwellings, however unlike other states & territories in Australia there is no price cap on the value of the land and home construction.
For more information on the current incentives available, please click here
What if I am buying an established house?
Unfortunately, there are no stamp duty concessions or exemptions available on established homes in South Australia.
For more information on the current incentives available, please click here
How can I get started with my first home buying journey in South Australia?
Simply complete the below enquiry form for a free Discovery Session with an FHBA Coach who can assist you with things like your SA FHOG eligibility, Stamp duty exemption claim, FHBA 50 Rebate eligibility and most importantly your first home borrowing capacity – AT NO COST TO YOU!
It is a good idea to get some expert advice from a qualified lending expert, who will also take care of applying for your first home ownership assistance programs provided by the South Australian & Federal Government & at no cost to you and also provide recommendations on whether a new or established home would work best in your situation.
Written By,
First Home Buyers Australia
