No more stamp duty for first home owners buying new property

First-home buyers in South Australia no longer need to pay stamp duty when purchasing or building new homes. This is for new houses as well as units, off-the plan apartments, house and land packages or vacant land to build a new home with no cap.

Previously stamp duty was abolished for first-home buyers purchasing new homes valued up to $650,000, but the SA government has now said it would be removed entirely.

The $15,000 first home owner grant will also be extended for another four years with no cap on property value. This grant is available to eligible first home buyers purchasing or building a new home in South Australia to live in.

How much could this save you?

A first-home buyer purchasing a new home for $750,000 will receive a benefit of over $50,000, including $15,000 from the first home owner grant.

What is the eligibility criteria?

To be eligible for the first home owner grant, the buyer should:

• Be purchasing a new home that has not been lived in previously, or has been substantially renovated.
• Be an Australian citizen or permanent resident (at least one applicant).
• Be at least 18 years of age.
• Not have previously owned property they have lived in on or after 1 July 2000 for 6 months of more.
• Not have previously received the first home owner grant in any state or territory.
• Live in the property as the principal place of residence for at least 6 months and within 12 months of settlement or completion of construction.

For more information about stamp duty and the first home owner grant, including eligibility criteria, you can visit Revenue SA.