New off-the-plan grants for South Australian first home buyers

Grants for first home buyers keen to buy off-the-plan in South Australia could total around $40,000 of incentives.

According to South Australia Treasurer Tom Koutsantonis a number of property developments had not sold enough apartments off-the-plan to begin construction and a $10,000 pre-construction grant will be given to buyers of off-the-plan apartments who sign a contract before September 30, 2017.

On top of the grant, off-the-plan buyers incentives include stamp duty concessions of up to $15,500, and a first-home owner grant of $15,000 for buyers of new residential property.

Previously home owners will be eligible to receive the stamp duty concession and new grants of up to $25,000.

State Treasurer Tom Koutsantonis said the $10,000 pre-construction grant, combined with the Adelaide City Council’s scheme to give owner-occupiers a “five-year holiday from council rates” was a great incentive to buy off-the-plan.

“It’s our responsibility as a state to make sure people can buy an apartment where they grew up,” he said.

View our guide to first home buyer grants here.