First Home Owners Grant - SA

First time buyer help in South Australia

Like many other States, Sout Australian first time buyers may be provided with stamp duty concessions by the State Government under the First Home Bonus Grant (FHBG) in addition to the Federal First Home Owners Grant. The FHBG is an additional payment for first home buyers who qualify to receive a First Home Owner Grant where the market value of the their purchase is less than or equal to $450,000.

In South Australia, both the First Home Owner Grant and the First Home Bonus Grant are administered by the RevenueSA. Mates Rates will manage these applications together with your mortgage application, keeping your experience simple and stress free.

How much is the First Home Bonus Grant?

FHBG of $4,000 is available for first home purchases with a market value of up to $400,000, reducing for property with market values between $400,000 and $450,000 by $8 for every $100 in excess of $400,000.

The amount of the First Home Buyers Grant is additional to the Federal First Home Owners Grant and will be determined by the market value of the property which in the case of:

• a contract for the purchase of a house is consideration for the purchase of a home, or, where that consideration is less than the market value, then the market value of the property.
• in the case of a building contract is the sum of the consideration for the building contract and the market value of the land on which the house is to be built at the time when the contract is made, or, where the consideration for the building contract is less than the actual costs, the sum of the actual costs to build the home and the market value of the property on which the home is to be built as at the time the building contract is made.
• in the case of an owner builder is the 'on completion' value of the property, which is the market value at the time the home is completed and ready for occupation as a place of residence.

This may not be not a precise summary of incentives or conditions provided by the South Australian Governemnt under the scheme. You can find out more about your own individual entitlements by arranging to talk to a broker for free or by reading further on the external links provided below.

Related Links

• The Federal First Home Owners Grant Scheme

External links:

• FHOG Online
• RevenueSA (administrators of FHOG in South Australia)

This information was obtained from RevenueSA on 16th June 2008.