First Home Owner Grant*
First home owners building or buying a brand new home in South Australia may be eligible for the $15,000 First Home Owner Grant.*
*Eligibility criteria, terms and conditions apply please visit revenuesa.sa.gov.au for further details and eligibility criteria.
First Home Loan Deposit Scheme
In addition to the Home Builder Grant and First Home Owners grant you may also be eligible for the First Home Loan Deposit Scheme. To find out more read on below.
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. The National Housing Finance and Investment Corporation (NHFIC) will release another 10,000 Scheme places for the next financial year from 1 July 2020. First home buyers are encouraged to contact a participating lender to find out how they can apply for a Scheme place.
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply) without the requirement to purchase lenders mortgage insurance. This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.
The price cap in SA for capital city is $400,000 and $250,000 for other.
Visit the NHFIC website for the most up to date information