SA State Budget: Adelaide apartment buyers grant boosted
Yesterday (22 June 2017), the South Australian Government handed down its last Budget before the State Election in 2018. A budget surplus of $72 million is forecast for 2017-18, rising to $462 million by 2020-21.
In Treasurer Tom Koutsantonis’ budget speech, he confirmed that a number of property developments had not sold enough apartments off the plan to start construction. But now any buyer of an off-the-plan apartment contract who signs before September 30 will be eligible for a $10,000 pre-construction grant. This move is designed to:
- Encourage more first home buyers to buy an inner city apartment and therefore to speed up the construction of the apartment complexes.
- Limit the amount of urban sprawl taking place in the Adelaide suburbs
- Create more jobs
- Foster economic growth through construction
- Make Adelaide a more vibrant city like it’s peers
In addition to the grant, other existing incentives for Adelaide off-the-plan apartment buyers include:
- Stamp duty concession of up to $15,500 has been extended for another year.
- FHOG of $15,000 for a brand new home
- Adelaide City Council’s scheme to give owner/occupiers a “five-year holiday from council rates”
- FHBA 50 Rebate (only applicable to FHBA clients)
South Australian first home buyers are set to receive $40,5000 + FHBA Rebate (if eligible) in incentives to buy an off-the-plan apartment in Adelaide.
Status Quo for other SA first home buyers
The SA FHOG remains at $15,000 from 01 July 2017. It applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment that meets local planning standards anywhere in South Australia. The market value of the home must be $575,000 or less.
Unfortunately, unlike other States, the SA Government hasn’t announced any new assistance for first home buyers buying an established property.
To view the full eligibility criteria for the FHOG and apartment stamp duty concessions, please click here
Looking to take advantage of the SA Government initiatives?
If you are planning on buying your first home in SA, you should consider commencing your planning now. Not only is it good to know how much you can borrow prior to attending open homes and inspections but there are also some great first home buyer loans around at the moment, these are available through our exclusive first home buyer & complimentary mortgage service – FHBA Mortgages. Click below to learn more:
First Home Buyers Australia