Hey future homeowners of South Australia! Dreaming of owning your own place but worried about the hefty stamp duty? Good news: SA has removed stamp duty for first-time home buyers purchasing a new home, an off-the-plan apartment, a house and land package, or vacant land to build a new home. Your dream just got a whole lot easier! These changes aim to boost new home building and give a leg-up to aspiring homeowners in a state where home values have surged by double digits over the past year. Yes, you heard that right. Let’s dive into why this is such a game-changer and explore the perks of owning or building your new home.
What’s the Big Deal About Stamp Duty?
Stamp duty is that sneaky extra cost that pops up when you’re buying a property. It can add thousands to your total expenses, making your dream home feel a bit further out of reach. But now, with stamp duty abolished for first-time buyers, you can keep that cash in your pocket. More money for furniture, renovations, or even a cheeky holiday!
What About Existing Homes?
Good news if you’re eyeing an existing home! You can still get the first-home buyer stamp duty exemption for homes worth $650,000 or less. Plus, there’s a stamp duty discount for existing homes valued between $650,000 and $700,000. So, there are still plenty of opportunities to save, no matter what type of property you’re looking at.
