Due to the decline of the number of dwellings being built in South Australia last financial year the South Australian Government introduced the Housing Construction Grant in October 2012 in an attempt to give a much needed boost the state’s housing construction industry.
Under the Housing Construction Grant homebuyers who are purchasing or building a new home up to a market value of $400,000.00, will be eligible for a grant of $8,500.00 with the grant phasing out progressively at any value over $400,000.00 and up to $450,000.00.
The grant is available to natural persons, companies and trusts and is available regardless of whether the person is a first home owner or not however, for first home owners, the Housing Construction Grant is in addition to the First Home Owners Grant.
The new home may be intended for occupation as a place of residence or an investment and there are no restrictions on the number of times a purchaser can apply for the grant.
The Housing Construction Grant is currently available until 30 June 2013.
For more information about the Housing Construction Grant please contact Melanie Finn at Eckermann Steinert Conveyancers on 8366 7900 or visit Revenue SA.