First Home Buyers (and Grant)

Know the Criteria

Your borrowing capacity is typically calculated based on your income, debts, financial commitments, credit history, loan type, employment history, savings, stability of residence and assets.


How much deposit do I need to buy a home?

Your home loan deposit is viewed as ‘your contribution’ to the purchase price of the property you wish to buy. Your deposit is one of the biggest factors in determining the kind of loan you may be eligible for and the amount you can borrow to buy your home.


What can you afford to service?

Working out what you can afford to repay on a weekly, fortnightly or monthly basis will also dictate the size of the loan you should get and therefore the necessary home loan deposit.


Mortgage repayments aren’t the only costs you need to factor in. Breakdown the costs involved from the initial set up to moving in.


Take into consideration the amount you need to borrow to purchase your property as well as some associated costs which can include:

Stamp duty

Lenders mortgage insurance

Application or establishment fees

Settlement fees

Legal fees

Mortgage registration

Property inspectors (pest & building)

All of these costs will contribute to the total funds you require to purchase a property.


Further costs to consider once you have purchased the property can include:

Moving costs

Council rates

Strata fees


Utility bills


When working out the amount you will need to borrow, the calculation is:


Total funds required (house price + costs) – your contribution (deposit + grants*) = the amount of money you will need to borrow.


*Please note grant applications depend on each purchase circumstances.



First Home Owners Grant South Australia


First home buyers who meet the eligibility criteria may qualify to receive a one-off First Home Owners Grant of $15,000 for new homes or construction. FHOG applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment that meets local planning standards anywhere in South Australia. 


FHOG cap applies to the property, where the value is capped at $575,000 and refers to the market value of the property purchased or built.


The residential property must be occupied as each applicant's principal place of residence for a continuous period of at least six months commencing within 12 months of date of settlement for contracts to purchase, or the date construction is completed for owner builders or contracts to build.


Off-the-plan stamp duty concessions

A partial stamp duty concession will be available for purchases of off-the-plan apartments located anywhere in South Australia if the contract was entered into between 1 July 2014 and 30 June 2018. Foreign purchasers who enter into a contract on or after 22 June 2017 are not eligible for the concession. A Pre-Construction Grant for Off-the-Plan Apartment Purchasers of $10 000 may also be available for contracts entered into between 22 June 2017 and 30 September 2017


For calculation of this concession, please consider the following. Where the value of the apartment is less then $500,000 the size of the concession is greater than where the value of the home is greater than $500,000. Further, the stage of completion of the residential development has an impact as well. 


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