First home buyer guide — South Australia

1. Your SA grants and concessions

2. Every scheme available to you in SA

• First Home Owner Grant

  $15,000 on eligible new homes and new builds.

• Stamp duty relief for new builds

  Eligible first home buyers of new homes or vacant land can have duty removed, with no value cap on eligible contracts.

• HomeStart Finance (SA Government lender)

  Low-deposit loans (from around 3%) and graduate loans for buyers who meet HomeStart's criteria.

• First Home Guarantee (federal)

  5% deposit and no LMI, with caps of $900,000 in Adelaide and $500,000 regionally.

Administered by RevenueSA. Amounts, thresholds and contract-date rules change regularly — we confirm your eligibility before you sign.

3. Worked example — buying at $620,000 in SA

Indicative figures for an eligible SA first home buyer using a 5% deposit under the First Home Guarantee.

Without the concession and the guarantee, the same purchase would need around $82,781 upfront — roughly $48,781 more than using your SA entitlements. Estimates only; your figures will differ.

4. The full process, step by step

1. 1. Work out your real budget

   Start with borrowing power (what a lender will approve) and affordability (what you're comfortable repaying). Lenders assess your repayments at around 3% above the actual rate, so your genuine budget is usually lower than the headline number.

2. 2. Add up the cash you actually need

   Deposit is only part of it. You also need stamp duty (or the concession-adjusted amount), conveyancing, building and pest inspections, loan fees, and moving costs. Work backwards from your total savings to your real purchase price.

3. 3. Confirm your grants and concessions

   Grants, duty concessions and the 5% deposit scheme are assessed against your state's rules, property type and contract date. Getting this confirmed before you sign is the single biggest money-saver in the process.

4. 4. Get pre-approval

   A broker matches you to the lender whose policy fits your income type, deposit source and credit history, then arranges pre-approval — usually valid for 3 months. It's free and it tells you exactly what you can offer.

5. 5. Search, inspect and negotiate

   Check the property against your scheme price caps before you offer. At auction your deposit and finance must be ready — there's no cooling-off period. For private sale, negotiate a finance clause.

6. 6. Sign, then unconditional approval

   Once you have a signed contract, the lender orders a valuation and issues formal (unconditional) approval. Your broker manages the lender, and your conveyancer manages the contract.

7. 7. Settlement and keys

   Settlement is typically 30–60 days after contract. Your grant is usually paid at settlement through your lender or conveyancer, and duty is paid by your conveyancer. Then you move in — most schemes require you to live there for 6–12 months.

5. SA-specific traps to avoid

• SA's biggest incentives are aimed at new builds — if you're buying established, budget for full duty.
• House-and-land contracts must be structured correctly (separate land and build) to get the best outcome.
• HomeStart's rates and fees differ from mainstream lenders — compare total cost, not just the deposit required.

6. Your SA readiness checklist

• 3 months of payslips and bank statements
• Evidence of genuine savings (or gift letter)
• ID and proof you've never owned property in Australia
• Deposit at least 5% of the purchase price
• Clean recent credit conduct (no missed payments)
• Purchase price inside your scheme price cap
• Conveyancer engaged before you sign
• Pre-approval in place before you offer

SA first home buyer questions

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