Exciting News for First Home Buyers in SA!

Today the Malinauskas Government has announced a major policy shift that will abolish stamp duty for all first home buyers purchasing or building a new home.

This groundbreaking move, revealed ahead of Thursday’s state budget, aims to increase housing supply during the ongoing housing crisis.

What Does This Mean for You?

• No Stamp Duty: All first home buyers building a new home or purchasing a newly built home will no longer need to pay stamp duty, regardless of the property’s value.
• Extended Support: The $15,000 first homeowner grant will be extended for another four years, further easing the financial burden for first-time buyers.
• Increased Housing Supply: This initiative is part of a broader strategy to increase the availability of new homes, addressing the root causes of the housing crisis.

The removal of the value cap on stamp duty exemptions is estimated to help an additional 1200 buyers over the next four years.

Why Only New Builds?

The government’s focus on new builds aims to directly increase housing supply. Treasurer Stephen Mullighan emphasised that extending stamp duty relief to existing homes would primarily benefit sellers rather than buyers, potentially driving up home prices.

New Housing Developments:

In addition to the stamp duty changes, the government has announced significant investments in new housing projects:

• $425 million to deliver 1315 homes in Seaton.
• $150 million for 626 new homes in Port Noarlunga and Noarlunga Downs.

These projects will include a mix of public, affordable, and social housing to meet diverse needs.

We are here to help you navigate these changes and take full advantage of these new opportunities.

To take advantage of this offer from the State Government get in touch with the experienced team at TTO Finance on 08 8211 9426 with any questions or for further assistance in your home buying journey.

This is great news for SA!