Everything you need to know about stamp duty relief in South Australia
The South Australian Government has abolished stamp duty for eligible first home buyers building or buying a new home as of 15 June 2023.
This new initiative has been introduced to help more South Australians into home ownership while also boosting the supply of new homes in the housing market.
So, could you be eligible and how can you apply? We answer all of your questions.
We'll cover:
What's the eligibility criteria?
You may be eligible for stamp duty relief if you are:
- a first home buyer purchasing a new home (that has not been previously occupied or sold) valued up to $700,000 or vacant land (to build on) valued up to $450,000,
- an Australian citizen, permanent resident or New Zealand citizen permanently residing in Australia who hold Special Category Visas (only one applicant must meet this eligibility requirement),
- at least 18 years of age, and
- a natural person.
It’s important to note that at least one applicant must live in the home for a minimum of six months within the first year of purchase or when construction is completed.
What type of property qualifies?
For a property to be eligible for stamp duty relief it must be:
- a new home that has not been previously occupied or sold (including a house, flat, unit, townhouse, or apartment),
- an off-the-plan apartment,
- a house and land package, or
- vacant land to build a new home on.
What exclusions apply?
Stamp duty relief may not be available for:
- companies and trusts, except in the case of legal disability,
- a property used solely for investment purposes,
- contracts entered before 15 June 2023,
- the purchase of an established home, including where the plan is to knock down and rebuild a new home,
- those who have occupied an Australian residential property in which they’ve had a relevant interest for 6 months or longer, or
- those who have previously received stamp duty relief (or equivalent) in any state or territory of Australia.
How much stamp duty relief could you receive on a new home?
If you meet all of the eligibility criteria, you will receive full stamp duty relief on a new home valued at $650,000 or less. For a new home valued between $650,001 and $700,000, you will receive partial stamp duty relief.
The table below outlines the amount of stamp duty relief available for new homes.
New home stamp duty relief
| Property value | Stamp duty | Stamp duty relief | Amount payable |
|---|---|---|---|
| $300,000 | $11,330 | $11,330 | Nil |
| $400,000 | $16,330 | $16,330 | Nil |
| $500,000 | $21,330 | $21,330 | Nil |
| $600,000 | $26,830 | $26,830 | Nil |
$650,000 | $29,580 | $29,580 | Nil |
| $660,000 | $30,130 | $24,104 | $6,026 |
| $670,000 | $30,680 | $18,408 | $12,272 |
| $680,000 | $31,230 | $12,492 | $18,738 |
| $690,000 | $31,780 | $6,356 | $25,424 |
| $700,000 | $32,330 | Nil | $32,330 |
Source: Revenue SA
How much stamp duty relief could you receive on vacant land?
If you meet all of the eligibility criteria, you will receive full stamp duty relief on vacant land valued at $400,000 or less. For vacant land valued between $400,001 and $450,000, you will receive partial stamp duty relief.
The table below outlines the amount of stamp duty relief available for vacant land.
Vacant land stamp duty relief
| Property value | Stamp duty | Stamp duty relief | Amount payable |
|---|---|---|---|
| $200,000 | $6,380 | $11,330 | Nil |
| $300,000 | $11,330 | $11,330 | Nil |
| $400,000 | $16,330 | $16,330 | Nil |
| $410,000 | $16,830 | $13,464 | $3,366 |
| $420,000 | $17,330 | $10,398 | $6,932 |
| $430,000 | $17,830 | $7,132 | $10,698 |
| $440,000 | $18,330 | $3,666 | $14,664 |
| $450,000 | $18,330 | Nil | $18,330 |
Source: Revenue SA
Can you get stamp duty relief and the First Home Owner Grant?
You can receive stamp duty relief in conjunction with the First Home Owner Grant on new homes valued up to $650,000, however you will need to apply for both separately.
How much could you save from stamp duty relief and the First Home Owner Grant?
The First Home Owner Grant is currently $15,000 and stamp duty relief is dependent on the value of your home.
For example, if you were eligible and bought a new home valued at $650,000 on or after 15 June, you could save up to $44,580 with stamp duty relief and the First Home Owner Grant - which is a substantial saving.
How to apply
To apply for stamp duty relief, you will need to visit Revenue SA, complete the application form, and follow their lodgement instructions.
Want more information about stamp duty relief?
For more information about stamp duty relief in South Australia, visit Revenue SA.
Are you getting ready to buy?
If you’re thinking about buying, we’d love to help you find the right home loan for your needs. So why not make an appointment with one of our friendly Mobile Lending Managers or call us on (08) 8202 7777, 8am – 8pm weekdays or 8am – 2pm Saturdays.
Terms and conditions, fees, charges, eligibility and lending criteria apply. Full details available on application.
This article is intended as general information only and has been prepared without taking into account the personal financial situation, objectives or needs of the reader. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs. You should always seek professional advice or assistance before making any financial decisions.
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