After Liberal’s Tasmanian Premier Jeremy Rockliff won another term in parliament, he has made good on his promise to cut stamp duty for first home buyers!
Prior to this announcement, Tasmanian first home buyers received a 50% discount on the purchase of their home, but now aspiring first homeowners in Tasmania can enjoy a full exemption for properties valued up to $750,000. If you have bought your home after the 18th of February 2024, you will be eligible for this stamp duty waiver. The exemption is expected to run till mid 2026.
Stamp duty remains one of the biggest hurdles to achieving the Great Australian Dream of home ownership in Tasmania. This policy announcement will definitely make it easier for young aspiring first home buyers to save a deposit by reducing the need for the large cost of the state tax. It is expected to help over 1,500 young first home buyers in Tasmania and can result in savings of up to $28,945 if you purchased a home for $750,000. It will apply to the purchase of established homes throughout Tasmania.
What will removal of stamp duty mean for first home buyers?
- Help first home buyers get into their first home with reduced costs of buying their first home.
- Help Tasmanian first home buyers achieve their dream of owning their first home sooner by avoiding the need to save for the large cost of stamp duty.
- Boost the economy as this is expected to create more demand for housing, leading to more jobs being created.
- First home buyers can purchase their first home in Tasmania, valued up to $750,000 without the additional cost of stamp duty.
- It is expected to help over 1,500 first home buyers each year.
- If you bought your home after 18th February 2024, you will be able to get the exemption retrospectively, by applying to the SRO of Tasmania.
Premier of Tasmania – Jeremy Rockliff
What properties can I purchase?
- Established Homes
- Established Units/Apartments
- Established Townhouses
Is the First Home Owners/Buyers Grant still available in Tasmania?
The first home owner/buyer grant is available to eligible applicants who purchase or build a new home in Tasmania, from 01 April 2021 till 30 June 2024 it was increased to $30,000. The first home builders grant in Tasmania is only applicable on the purchase or construction of new dwellings, however unlike other states & territories in Australia there is no price cap on the value of the land and home construction.
For more information on the current incentives available, please click here
How can I get started with my first home buying journey in Tasmania?
Simply complete the below enquiry form for a free Discovery Session with an FHBA Coach who can assist you with things like your TAS FHOG eligibility, Stamp duty exemption claim, FHBA 50 Rebate eligibility and most importantly your first home borrowing capacity – AT NO COST TO YOU!
It is a good idea to get some expert advice from a qualified lending expert, who will also take care of applying for your first home ownership assistance programs in Tasmania at no cost to you and also provide recommendation on whether a new or established home would work best in your situation.
Written By,
First Home Buyers Australia
