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HomeSeeker SA Eligibility

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Eligibility

To find out if you are eligible to buy a home through HomeSeeker SA you need to be able to agree with all of the following statements.

  • My annual household income is less than $110,000 before tax (couple or family) OR $85,000 before tax (single).
  • My assets are valued at less than $616,000 (couple or family) OR $482,500 (single).
  • I do not own any residential property, including overseas or in regional Australia OR I have a binding contract for the sale of my residential property in place.
  • I will live in my new home for at least six months within the first 12 months of buying.
  • Either I am or the person I am buying the home with are/is an Australian citizen or holds permanent residency in Australia and is 18 years or older.
  • I have saved up enough money for a deposit and upfront fees and charges to buy a home.
  • I have finance pre-approval from a bank or finance institution.

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Income and asset limits

Your eligibility to buy a home through HomeSeeker SA depends on your annual income (the amount you earn per year from working or that you are paid by Centrelink) and the value of assets you own.

Assets

For the purposes of HomeSeeker SA eligibility, assets include:

  • cash and money in a bank, building society or credit union account
  • real estate including commercial property
  • shares, bonds and other investments
  • household and personal effects
  • motor vehicles, boats, caravans and motorhomes
  • surrender value of life insurance policies
  • overseas assets converted to Australian dollars.

Superannuation is not included when determining the value of your assets.

Metropolitan and greater Adelaide

Income and asset limits are different depending on:

  • where you live
  • whether you are buying a home on your own or as part of a couple.

Singles

  • Your gross income (what you earn before tax is taken out) is less than $85,000 a year.
  • Your total assets owned are valued at less than $482,500.

Couples

  • Your gross income (what you earn before tax is taken out) is less than $110,000 per year.
  • Your total assets owned are valued at less than $616,000.

Regional areas

Singles

  • Your gross income (what you earn before tax is taken out) is less than $75,000 a year.
  • Your total assets owned are valued at less than $482,500.

Couples

  • Your gross income (what you earn before tax is taken out) is less than $95,000* per year.
  • Your total assets owned are valued at less than $616,000.

*a further allowance of 8% per additional child is allowed.
 

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Renting out or selling your home after you buy it

When purchasing a home through HomeSeeker SA you will need to fill and sign out a Declaration of Eligibility (provided by the sales agent) stating that you meet the eligibility requirements and will live in the home for at least six months, in the first 12 months of after property settlement. You are allowed to rent out, sub-divide, demolish or sell the property after living in the home for six months.

If you buy your home with the financial assistance of the government, there may be additional requirements that you need to meet. Please refer to your original home purchase contracts for details.

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Exceptional circumstances

If you can demonstrate exceptional circumstances you may not have to meet all of the eligibility requirements to buy a home through HomeSeeker SA.

Not having saved a loan deposit, unemployment or not being able to get finance approval are not considered to be exceptional circumstances.

If you feel that you can show that your circumstances are exceptional, you will need to apply by:

  • describing the reasons you believe you should not have to meet the eligibility requirements
  • providing documents that can support these reasons
  • emailing your reasons and documentation to homeseeker@sa.gov.au.

Your exceptional circumstances application will be assessed at the discretion of the SA Housing Authority and you will be advised in writing of the outcome.

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If your situation changes before settlement

When you express interest in purchasing a HomeSeeker SA property and sign the Declaration of Eligibility we expect that you understand and meet the eligibility requirements.

If things change and you believe you are no longer eligible once you have begun the process of buying a home you must contact us.

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Deposits

The deposit amount you need to pay on your HomeSeeker SA home will depend on who is selling it (that is, who the vendor is) and how it is being sold – some homes are sold as part of a low-deposit or special finance package. Please read all property listings carefully and ask the sales agent if you need more information.

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