South Australia gets $8500 property grant extension

| June 3, 2013

South Australian homebuyers will respond positively to the extension given  for the special property grant that is available to purchase and build new properties.

The Real Estate Institute of SA said the grant was an important investment to stimulate construction and the South Australian economy more widely.

south australia kangaroo island  grant

The full amount is available to people buying or building a new home with a market value of up to $400,000, and gradually reduces before cutting off for properties valued at $450,000.

A total of 12,873 approvals were granted in 2009-10, 11,852 in 2010-11 and 8634 in 2011-12.

Revenue SA figures showed 173 northern-suburbs people had applied for the housing-construction grant since October; 83 had applied for first-homeowner grants.

The scheme  was first announced last October and was due to expire on June 30, the extension applies to contracts that are entered into up to December 31.

What is the HCG or South Australia property grant ?

Housing Construction Grant

The Housing Construction Grant (HCG) is a grant of up to $8500, which is available to all home buyers who are purchasing or building a new home, (up to a market value of $450 000). For first home buyers, this is in addition to the First Home Owner Grant (FHOG).

Below – The maximum grant available in increments of $5000 increases over $400 000.

Market Value HCG
Up to $400 000 $8500
$405 000 $7650
$410 000 $6800
$415 000 $5950
$420 000 $5100
$425 000 $4250
$430 000 $3400
$435 000 $2550
$440 000 $1700
$445 000 $850
$450 000 and above Nil

The extension of the grants will come as good news  to property developers ,  who will find it a bit easier  to get customers for properties , now that this grant is extended and also giving a boost to the property market in south australia 

Some of the changes  to the SA (HCG) property grant

First Home Buyers of off-the-plan apartments in the City and Riverbank precinct (until
30 June, 2013)

First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $39,830

Any person who buys an off-the-plan apartment in the City and Riverbank precinct (until
30 June, 2013)

Housing Construction Grant $8500 (Property valued up to $400,000)
Stamp Duty Savings $16,330 (Off-the-plan apartment valued at $400,000)
Maximum Total Assistance $24,830

First Home Buyers who build or purchase a brand new home (until 30 June, 2013)
First Home Owners Grant $15,000 (Property valued up to $575,000)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $23,500

Any person who builds or purchases a brand new home (until 30 June, 2013)
Housing Construction Grant $8500 (Property valued up to $400,000)
Maximum Total Assistance $8500

First Home Buyers who purchase an established home (until 30 June, 2014)
First Home Owners Grant $5000 (Property valued up to $575,000)
Maximum Total Assistance $5000

Australian Bureau of Statistics figures show a small but steady improvement in approvals for new home construction since a decline to low levels in June of last year.However, there has been a substantial decline in approvals over the past four years.

Forms

Information Sessions Banner

A number of RevenueSA forms are available for downloading. You will need the free Adobe Acrobat Reader to open forms that are in pdf format.

Housing Construction Grant
Format

Housing Construction Grant Application
pdf

Housing Construction Grant Application – Annexure for more than two applicants
pdf

Confirmation of Settlement Form
pdf

Please complete a First Home Owner Grant Application and Off-the-plan Stamp Duty Concession Application if applicable.

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Category: 2013, Australia, First home Owners grant, Goverment grant, Government, Property Market, Real Estate

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