The Malinauskas Labor Government will officially abolish stamp duty for all first homebuyers who buy or build a new home, and extend the First Home Owner Grant to all eligible first homebuyers as part of the 2024-25 Budget.
To further boost housing supply and help more South Australians into home ownership, the 2024-25 Budget will abolish property value thresholds for both the stamp duty exemption and First Home Owner Grant at a cost of $30 million over four years.
With the abolition of property value limits, a first homebuyer who purchases a new dwelling broadly in line with the median house price of $750,000 will receive a benefit of over $50,000, including the First Home Owner Grant of $15,000.
The stamp duty exemption will be available to all first home buyers who buy a new home (including a house, flat, unit, townhouse or apartment), an off-the-plan apartment, a house and land package or vacant land to build a new home.
The initiative builds on the tax relief announced as part of the 2023-24 Budget, which saw the Malinauskas Labor Government abolish stamp duty for first home buyers purchasing a new dwelling up to a property value of $650,000 while also aligning the property value cap for the $15,000 First Home Owner Grant to this limit.
First home buyers building a home can also save thousands with a 2 per cent deposit home loan available through HomeStart, a Malinauskas Government election commitment delivered this year.