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First Home Buyers In Adelaide – What You Need to Know: First Home Owner’s Grant SA

In South Australia the First Home Owner Grant and Housing Construction Grants retargets first home buyer assistance by:

  • Increasing the First Home Owner Grant (FHOG) for new homes from $7000 to $15000 (ongoing) for contracts entered into on or after 15 October 2012;
  • Reducing the FHOG for established homes from $7000 to $5000 for eligible contracts entered into from and including 22 November 2012 to and including 30 June 2014. The FHOG will be abolished for established homes for contracts entered into on or after 1 July 2014.
  • Replacing the $8000 First Home Bonus Grant (FHBG) with an $8500 Housing Construction Grant (HCG) for all new homes where contracts are entered into between 15 October 2012 and 31 December 2013 inclusive. The HCG will be available for properties valued up to $400 000, phasing out for properties valued up to $450 000.

Stamp Duty on Off-The- Plan-Apartments

Off-the-Plan Concession What is the off-the-plan apartment concession?
The concession provides a full stamp duty concession on a transfer of a new apartment or substantially refurbished apartment for a contract entered into from 31 May 2012 to 30 June 2014 (capped at stamp duty payable on a $500 000 apartment) and a partial concession from 1 July 2014 to 30 June 2016.

For contracts entered into between 31 May 2012 and 27 October 2013 (inclusive), the concession only applies to purchases of off-the-plan apartments located:

  •    within the area of the Corporation of the City of Adelaide;
  •    on any land within the area where the Bowden Redevelopment project (Bowden Village); or
  •    on any land located within the area known as 45 Park, Gilberton.

For contracts entered into between 28 October 2013 and 30 June 2016 (inclusive), the concession applies to purchases of off-the-plan apartments located within the defined area (shown in the map below) and to sites that are contiguous to that area.
Further information is available in Information Circular 48 and Information Circular 65.
This concession replaces the Inner City Rebate. Contracts entered into on or before 30 May 2012 may be eligible to receive the Inner City Rebate. See Information Circular 45 for further details.
Map of eligibility area for off-the-plan apartment stamp duty concession (28 October 2013 to 30 June 2016)

Get in touch with one of our brokers now on 1300 555 888 to discuss how you can claim the grant.
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http://www.aaamortgagesolutions.com.au/first-home-buyers/first-home-owners-grant-sa/

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