If you’re a first home buyer, we have some exciting news for you! In the 2023-24 State Budget the South Australian Government introduced a range of measures designed to support first home buyers in achieving the great Australian dream of home ownership.
Owning a home is often considered a significant step, not just as a life goal, but also as a way to build personal wealth. Weekly rent payments are replaced with mortgage repayments which represent an investment not only in your future but in your most valuable asset – your new home. However, becoming a homeowner can sometimes seem challenging with high deposits, rising property prices, and government charges that can all combine to make the dream of home ownership seem out of reach.
But thanks to this State Budget, there’s never been a better time to invest in your future and make your dreams a reality. With the new stamp duty relief, first home owner grant and low deposit loan options, there are plenty of opportunities and support now available which we’ve detailed below. We’ve also included references so you can do your own research and decide for yourself if this is an opportunity that you can take advantage of.
Stamp Duty Relief
One of the most significant changes for first home buyers in South Australia is the new stamp duty relief. Under this Stage Budget, eligible first home buyers will pay no stamp duty when purchasing land up to $400,000, or a new home valued up to $650,000, with the relief gradually diminishing for land up to $450,000 and homes up to $700,000. Effective from 15 June 2023 all eligible first home buyers entering a contract after this date can save up to $16,330 (on land valued at $400,000) or $29,580 (on homes valued at $650,000). That means that 95% of all premium allotments available at Newenham will be eligible for some level of stamp duty relief.
For more information, visit: Revenue SA Stamp Duty Relief
First Home Owners Grant
In addition to the stamp duty relief, the First Home Owners Grant (FHOG) is also available and provides eligible buyers with a grant of $15,000 to assist with purchasing their first home. This grant is available for new House and Land packages, so long as the total cost is under $650,000.
With this State Budget, the threshold for the grant’s property value cap has also been increased from $575,000 to $650,000. This means that more first home buyers can now benefit from the grant and receive additional help to get a foot in the door of the housing market.
At Newenham we have a limited number of smaller allotments that will meet this criteria, so get in touch with our Sales Team today to see how easy it is to secure your future at Newenham.
For more information, visit: First Home Owners Grant
Additional Support through HomeStart Loans
The State Government has also strengthened measures to help eligible first home buyers by offering HomeStart Finance loans with only a 2% deposit without the need for mortgage lender’s insurance. These loans are specifically designed to assist first-time buyers in building or buying a new home. On a home valued at $650,000, a 2% deposit is only $13,000, instead of the usual 20% (or $130,000). That certainly makes it easier for first home buyers to secure financing for their new home.
For more information, visit: Home Start Loans
The stamp duty relief, First Home Owners Grant and the 2% Home Start Loans provides a substantial financial boost to eligible first home owners and represents a significant step towards making home ownership more accessible and affordable.
If you’re a first home buyer, now is the perfect time to take advantage of these opportunities and turn your dream of owning a home into a reality. Don’t miss out on this exciting chance to secure your future and create a place to call your own.
And there’s no better place to build your new home than at Newenham.
Newenham not only offers the opportunity of building your new home on a premium block of land in a beautiful pocket of the Adelaide Hills but also opens the door to an amazing lifestyle. As a resident, you’ll be warmly welcomed into the thriving Newenham community, where you can take part in events, workshops, and neighborhood get-togethers that have shaped our tight-knit community. Being only 2km from the town centre and the main retail, dining and business district, Newenham is the best located and most accessible estate in all of Mount Barker. From the larger allotments, focus on natural open spaces and active lifestyles to the Kitchen Farm, café and produce store, living at Newenham is something truly special.
If you’d like to join this thriving community, contact our sales team today on 0429 107 497 or visit our beautifully restored Sales & Information Centre located at 164 Flaxley Road, Mount Barker – click here for open hours.
We look forward to welcoming you to Newenham soon.
