First Home Buyers: How You Can Get There Sooner

**PLEASE NOTE THIS INFORMATION IS CORRECT AS AT JULY 2024**

For first home buyers in South Australia, there are currently a range of bonuses and incentives aimed at making the dream of owning a home more achievable. Here are the key benefits available:

First Home Owners Grant (FHOG)
The First Home Owners Grant offers a one-off payment of up to $15,000 for eligible first-time buyers who purchase or build a new residential property valued up to $650,000. This grant can significantly reduce the initial financial burden, making it easier to enter the property market.

HomeStart Finance
HomeStart offers various loan options tailored for first home buyers. Their Graduate Loan, for example, allows recent graduates to borrow up to 98% of the property value. Additionally, their Starter Loan provides a top-up of up to $10,000 to assist with upfront costs. HomeStart's innovative solutions are designed to lower the barriers to homeownership.

Stamp Duty Exemptions and Concessions
Stamp duty can be a substantial expense, but first home buyers in South Australia may benefit from exemptions and concessions. Buyers can now receive a full stamp duty exemption, potentially saving thousands of dollars. This exemption applies to properties valued up to $750,000 and is a considerable incentive.

Affordable Homes Program
The Affordable Homes Program offers properties at discounted prices to eligible buyers. This initiative aims to provide more accessible housing options, ensuring that even those with moderate incomes can find a suitable home. The program regularly updates its list of available properties, making it easier for first home buyers to find an affordable option that meets their needs.

Home Guarantee Scheme (previously called the First Home Loan Deposit Scheme (FHLDS))
The Home Guarantee Scheme allows first-time buyers to purchase a home with a deposit as low as 5%, without the need for lenders mortgage insurance. This scheme is only available with a small handful of lenders and there are limited places, but it's designed to reduce the financial barrier of saving for a large deposit, making it easier for first home buyers to enter the market sooner.

Our team is ready to assist you in navigating these opportunities and finding the perfect home. Reach out to us today to learn more about how you can take advantage of these first home buyer benefits.