Purchasing a home, be it your first or subsequent, can be an expensive process. To assist with these costs, the government is currently offering the following grants:
First Home Owners Grant
The South Australian Government ceased the FHOG for established homes for contracts to purchase established homes entered into from 1st July 2014.
However, a grant of $15,000 applies for new homes for contracts to purchase or build a home or the date on which construction commenced for owner builders from 15th October 2012 to date. ‘New Homes’ are defined as “a home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home”.
Applicants can complete and lodge the appropriate application form with either their financial institution providing your finance as part of buying or building your home, or if no mortgagee, directly with Revenue SA. Applications need to be made within 12 months of completing the transaction.
Seniors Housing Grants
This concession is a once off grant for up to $8,500 available to natural persons aged 60 years or more who a purchaser or building a new home as their principal place of residence valued at or up to $400,000 and phases out up to $450,000. This grant is available in addition to the FHOG, and applies to:
- Contract to purchase a new home entered into between 1st July 2014 and 30 June 2016 (inclusive)
- Building Contract for a new home entered into between 1st July 2014 and 30 June 2016 (inclusive) where contract states or building work is completed in 18 months of commencement
- Contract for the purchase of a new home off-the-plan entered into between 1st July 2014 and 30 June 2016 (inclusive) where contract states or building work is completed on or before 31st December 2017
- Owner builder where construction of the new home commences on or after 1st July 2014 and before 30th June 2016
Housing Construction Grant (“HCG”)
The South Australian Government ended the HCG of up to $8,500 on 31st December 2013. However, all applications must be received within 12 months of completion of the eligible transaction. For a transaction to be eligible, it must:
- Be entered into between 15th October 2012 and 31 December 2013 (inclusive)
- If home building contract entered to build a new home, contract must state or the building works must be completed within 18 months of construction commencing
- If entered into build contract to buy a new home off-the-plan, contract must state or the building works must be completed on or before 30th June 2015
- If commenced building a new home as an owner builder, construction must be completed (ready for occupation) within 18 months of construction commencing (date of laying foundations)
City of Adelaide Off-the-Plan Apartments
This concession provides full duty concession on a transfer of a new apartment or substantially refurbished apartment for a contract entered into from 31st May 2012 to 30th June 2014 and a partial concession from 1st July 2014 to 30th June 2016.
With contracts entered into between 31 May 2012 and 27th October 2013 (inclusive) concession only applies to purchases located:
- Within 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), concession applies to the purchases of off-the-plan apartments located within the defined area.
Substantial penalties apply for providing incorrect or misleading information for stamp duty concessions or exemptions. Revenue SA conducts regular investigation and compliance checks to ensure grants are only provided to entitled applicants.
To ensure your eligibility, it is important you contact RevenueSA for clarification before you apply.
For more information see: False Claims
For further information please contact Anna on 8362 6400 or email Anna Pantelios. Join our mailing list to receive updates and advice on current issues.