SOUTH AUSTRALIAN FIRST HOME BUYERS
Last Update: 3 Aug 2025
SOUTH AUSTRALIA FIRST HOME OWNERS GRANT
$15,000
ELIGABLE APPLICANTS
ELIGABLE PROPERTIES
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At least 18 years of age at the time of making an application
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A natural person.
In addition, at least one of the applicants must be either:
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An Australian citizen or a permanent resident of Australia
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A New Zealand citizen permanently residing in Australia who holds a Special Category visa.
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The purchase or construction of a new home
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An off-the-plan apartment
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A substantially renovated home
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A comprehensive building contract or a contract to build a home
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Owner builders
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Knock-down rebuild projects (for contracts entered into prior to 13 February 2025)
RESIDENCE DETAILS
All applicants must reside in the home as their principal place of residence for a continuous period of at least 6 months commencing within 12 months after completion of the eligible transaction.
HOW TO APPLY
In most cases, your financial institution will lodge your first home owner grant application for you if it is an approved agent (typically a lender) but you can lodge your application by yourself through RevenueSA.
Important: If you require the grant payment for settlement or a first progress payment, you must lodge your application with an approved agent.
You will need to provide supporting documentation for both yourself and your spouse or domestic partner, even if they are not an applicant for the first home owner grant.
MORE SOUTH AUSTRALIAN FIRST HOME BUYER INCENTIVES
SOUTH AUSTRALIAN GOVERNMENT STAMP DUTY WAIVER
$1,000'S of dollars of savings
The South Australian Government has abolished stamp duty for eligible first home buyers on new homes, off-the-plan apartments, house‑and‑land packages, and vacant land intended for new home construction, regardless of property value. There is no more cap on the purchase price for exemption eligibility as of contracts entered on or after 6 June 2024.
This can save you tens of thousands of dollars on the purchase equation of your property.
SOUTH AUSTRALIA SPECIALITY LENDER
A lender for First Home Buyers
The SA Government offers unique pathways to help first home buyers into the market sooner. Through HomeStart Finance, you could buy with as little as a 2–5% deposit and no Lender’s Mortgage Insurance, access up to $10,000 interest‑free for upfront costs with the Starter Loan, or use the Shared Equity Option to lower your repayments. Paired with HomeSeeker SA’s below‑market homes and the $15,000 First Home Owner Grant, these initiatives can save you tens of thousands and bring your first home within reach.
HOME SEEKER
Affordable Housing
HomeSeeker SA is a South Australian Government initiative that helps eligible buyers purchase affordable homes before they hit the open market. Properties are listed at fixed prices, with no investor competition, and are only available to people who meet specific income, asset, and residency criteria. Options include newly built homes, ex‑public housing, land, and even a rent‑to‑buy pathway.
If you’re a first home buyer or have been struggling to enter the market, HomeSeeker SA could be your opportunity to secure a home at a more affordable price.
To learn if you qualify and explore available properties, contact Loan Theory today or visit the official HomeSeeker SA website. We can guide you through the eligibility checks, finance options, and application process so you’re ready when the right property comes along.
FEDERAL GOVERNMENT SCHEMES
Educate, Facilitate, Accelerate
FIRST HOME OWNER GRANT FREQUENTLY ASKED QUESTIONS
Here to answer all of your questions
What is your situation? What loan product is right for you? We have over 30 lenders, with over 200 different products. Not everyone is the same, not every loan is the same. Request a call today about your situation.
How is a construction loan different?
A construction loan is designed to fund the building of a home. Instead of receiving the full loan amount upfront like a regular home loan, the lender releases funds in stages (called progress payments) as your build progresses. During construction, you typically only pay interest on the amount that has been drawn down, not the entire loan. Once the home is finished, the loan usually converts to a standard principal and interest loan.
Do I need to own land before i can get a
construction loan?
Not necessarily. You can apply for a construction loan to cover both the land purchase and the build, or just the construction if you already own the land. The lender will assess both parts of the transaction together and offer a combined loan if needed.
How do progress payments work?
The lender pays your builder in instalments at key stages of the build (usually five or six stages: deposit, slab, frame, lock-up, fit-out, and completion). You’ll need to sign off on each stage before the lender releases funds. You only pay interest on the amount that’s been drawn so far, not the full loan.
Do I need a fixed-price contract?
Yes, most lenders require a fixed-price building contract from a licensed builder. This gives the lender (and you) confidence that costs won’t blow out and the loan will cover the full project. Cost-plus or variable contracts are usually not accepted.
Can I make changes to the build after loan
is approved?
It’s possible, but changes can be tricky once the loan is approved. If changes increase the cost, your loan may need to be reassessed and reapproved, which could delay things. It’s best to finalise your design and inclusions before applying for the loan.
What happens if the build goes over budget?
If your build costs more than expected, you’ll usually need to cover the shortfall from your own funds. Most lenders won’t increase the loan once it’s been approved unless you go through a new application process. Having a buffer in your savings is always a smart move.
How much deposit do I need for a
construction loan?
This depends on the lender, but generally you’ll need at least 5–10% of the total project cost (land + build). If your deposit is under 20%, lenders mortgage insurance (LMI) may apply. If you already own the land, your equity in it can count as your deposit.
How are repayments calculated during
construction?
During the construction phase, you only pay interest on the amount drawn down — not the full loan. These are called interest-only repayments. Once the build is complete, your loan will switch to principal and interest repayments on the full balance.
Do I need council approval before applying for the loan?
Yes, most lenders will need to see council-approved plans and a signed building contract before they will fully approve your construction loan. You can get pre-approval based on estimates, but final approval usually requires all documents to be in place.
Can I use a construction loan for a renovation?
Yes, many lenders offer construction loans for major renovations or knockdown rebuilds. The key is that the renovation must be structural and require staged payments — cosmetic upgrades like painting or flooring won’t usually qualify for this type of finance.
