South Australia bumps up first time buyers grants
Coming into line with other states including New South Wales and Queensland, the South Australian government has announced that it will more than double the first home owner's grant to $15,000 for those buying newly constructed houses.
The government hopes the move, which has been welcomed by building industry groups, will stimulate activity in the construction sector.
House hunters wanting to maximise the benefits of the revised scheme may be interested in building houses in specific areas that offer cash incentives of up to $40,000, premier Jay Weatherill told 891 Breakfast, ABC reported today (October 16).
Until June 2013, all people building a house worth under $400,000 will be entitled to apply for Housing Construction Grant.
First time buyers will receive a $15,000 cash incentive for building their own home, or purchasing a newly constructed one.
In comparison, first time buyers who purchase an existing dwelling will receive $5,000, down from $7,000.
"We're essentially phasing down the support for people that are buying their first home on existing dwellings, and using the money we save from that to put it all into new builds," the premier explained.
"It's deliberately an attempt to stimulate the new building sector."