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The South Australian government has announced an increase in home finances through its HomeStart scheme over the last 12 months.
According to the Malinauskas government, over 2,000 South Australians purchased a home financed through the government lender HomeStart over the past 12 months, revealing a 33 per cent increase on the decade average and the highest number of loans since 2010.
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Reportedly, HomeStart has surpassed $800 million in loans for the first time for the 2022–23 financial year.
In addition, the lender has reported a 50 per cent increase in online applications and a 40 per cent increase in call volumes since the South Australian state budget 2023–24.
In the state budget, the South Australian government announced a new stamp duty exemption for first home buyers purchasing a new home or vacant land to build a new home.
A full stamp duty relief applies on the purchase of an eligible new home valued up to $650,000, with the relief progressively phasing out for properties valued up to $700,000.
For the purchase of vacant land on which a new home will be built, full stamp duty relief applies for vacant land valued up to $400,000 with the relief phasing out for land valued up to $450,000.
Furthermore, the state government increased the property cap for those wishing to access the $15,000 grant to buy or build a new home (including houses and apartments) in South Australia.
The stamp duty relief applies to contracts entered into from 12:00 am on 15 June and is granted on the date of settlement, the South Australian government confirmed.
South Australia State Treasurer Stephen Mullighan stated: “We want South Australians to have the same opportunities for home ownership as their parents and grandparents.
“I’m proud the Malinauskas government has introduced significant changes to help keep the great Australian dream alive, including low deposit home loans through HomeStart, which are helping thousands of people enter the market.
“The suite of measures announced in the budget will help to boost housing supply and take some pressure off the tight rental market.”
The changes made to the program’s lending products, including a reduced deposit requirement for its Graduate Loan to 2 per cent, have unlocked home ownership for South Australians, according to HomeStart chief executive Andrew Mills.
“Further changes made in the recent state budget are already resulting in increased demand from first home buyers battling higher house prices, interest rates, and living costs,” Mr Mills added.
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