First Home Buyers Grant South Australia
IT is no wonder that the First Home Buyer Australia, the first home buyer in SA is sometimes confused especially when taking into account the First Home Buyer Grant changes now that the ‘boost’ component has expired.
The various state and territory governments in Australia along with the federal government itself have encouraged people to become home buyers over many decades and in doing so have used a variety of incentives such as the First Home Buyers Grant and the First Home Saver Account. The oldest of these being the First Home Owners Grant.
The First Home Buyers Grant has been around that long it has become part of Australian housing industry tradition. It main points include:
- Value $7,000
- Paid to Australian citizens and residents permanently residing in Australia.
- For the building or buying of your first home.
- The grant is only paid to ‘natural’ persons meaning trusts and companies do not qualify.
- Neither the applicant nor his or her spouse to have had financial interest in property anywhere else in Australia that included a house before 1 July, 2000.
- You remain eligible if you purchased an investment property after 1 July, 2000 but have never resided in it yourself.
- Never to have claimed the grant on any other occasion.
A home means an established house or a new dwelling, unit, flat or any other residence recognised as a place of residence. You must however live in it as your principal residence for six months within the first 12 months and within 12 months of construction if it is a new home.
First Home Buyers in SA
As the grant is administered by the various state and territory governments on behalf of the Australian government, certain additional benefits differ. For instance the first home buyer regulations in SA stipulate that:
- the market value of the home must be no more than $450,000 .
- you may be entitled to a further bonus of up to $4,000 on a $400,000 house.
- you must be no less than 18 years of age.
First Home Buyer Australia also benefit from a more recent incentive known as the First Home Saver Account. Introduced by the Australian government in October 2008. Its intention is to encourage first home buyer Australia wide to save toward getting a deposit to assist in purchasing their first home. There are presently 19 lending institutions making this account available to their clients that include the Commonwealth Bank and ANZ including AMP Banking and several credit unions.
Eligibility for the First Home Saver Account:
- Age between 18 and 65.
- Never previously owned your own house.
Benefits include:
- No minimum investment
- Amount of savings taxed at only 15%
- Tax paid by provider.
- Government will invest 17% of the first $5,000 you invest each year.
- Can save up to $75,000.
The First Home Buyer Grant and the First Home Saver Account combine to give the first home buyer Australia great hope for the future. Contact us to find out more about what is on offer for the first home buyer in Australia today.
If you are a first home buyer and would like to know more about the types of home loans available, you may wish to get into contact with a mortgage broker in your local area. You can now search for all South Australian mortgage brokers using the Home Loan Finder Mortgage Broker Finder directory. Follow the links below to find brokers in your region
Adelaide Mortgage Brokers
- Adelaide
- Adelaide Hills
- Eastern Suburbs
- North and North East Suburbs
- South and South East Suburbs
- Western and Beachside Suburbs
Far North Mortgage Brokers
Mid North Mortgage Brokers
South Mortgage Brokers
Spencer Gulf and West Coast Mortgage Brokers
Related posts:
- First Home Buyers Grant Western Australia (WA)
- SA Home Loans
- Eligibility for first home buyers grant
- First Home Buyers Grant New South Wales (NSW)
- First Home Buyers Grant Northern Territory (NT)
- First Home Owners Grant Frequently Asked Questions (VIC)
- First Home Owners Grant Eligibility requirements NSW
- First Home Owners Grant (ACT)
- Home Loans VIC
- Home Loans WA
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