The First Home Owner's Grant Guide: South Australia - Pearl Financial

The First Home Owner’s Grant Guide: South Australia

By Shane | First Home Buyer

Feb 28

Are you eligible for the First Home Owner Grant in South Australia? A once-off First Home Owner Grant of up to $15,000 is available to eligible first home buyers purchasing or building a brand new home. The grant is not just restricted to houses. It is also applicable to a new unit, townhouse or apartment. You may be eligible for the First Home Owner Grant if you’re building a brand new home or purchasing a brand new home which has not been previously occupied or sold as a place of residence, including a substantially renovated home.

One condition is that the market value of the new home is no more than $575,000 and its market value includes the land value. You and all other applicants must be natural persons that are not a trustee or a company, and at least 18 years of age. At least each of you or your spouse or domestic partner, if applying for eligibility with a spouse or domestic partner, must be a citizen of Australian or must have permanent residency in Australia. New Zealand citizens permanently residing in Australia who has special category visas may also apply.

The residential property must be occupied by all applicants as their principal place of residence for a continuous period of at least six months, commencing within twelve months of the date of settlement for contracts to purchase, or upon completion of construction for owner-builders or contracts to build.

Basically, a principal place of residence is your main or primary residence where you take the usual day-to-day activities associated with living in a home. It is where you live permanently for your personal belongings on a daily basis.

Additionally, you or your spouse or domestic partner either jointly or separately must not have previously received the First Home Owner Grant in Australia. However, if you have previously received the First Home Owner Grant and repaid it, you might still be eligible if you owned a residential property in Australia prior to July 1, 2000, or lived in a residential property in Australia which you owned on or after July 1, 2000, for a continuous period of at least six months. These criteria apply even if your spouse or domestic partner is not an applicant with you for the First Home Owner Grant.

How do you apply for the First Home Owner Grant in South Australia?

You can complete and lodge an application form with the financial institution providing your finance if they are an approved agent, or you can apply directly to Revenue SA. Applications need to be made within twelve months of completing the transaction. If your spouse or domestic partner is not an applicant, you must also complete the details in section three and they must sign the declaration in section seven.

What are the other things you should take note?

Be aware that there may be a number of state taxes and levies incurred when you purchase a home. These include stamp duty, land tax and the emergency services levy. If you’re purchasing a new or substantially refurbished apartment, you might also be eligible for an off the plan stamp duty concession. This concession is separate from the First Home Owner Grant.

For more information and if you require any further assistance, kindly fill out all necessary details here and we will get to you as soon as possible.

Please note: The information in this article was correct at the time of publishing (February 2017) however you should always check for any changes to the scheme. Please contact your trusted professional and clarify the prevailing conditions before relying on any information contained herein.

 

 

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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