Great News for First Home Buyers in Tasmania: Stamp Duty Concessions!

Exciting updates have been announced for first home buyers in Tasmania, providing a fantastic opportunity for those looking to enter the property market for the first time. Here’s a detailed look at the recent changes:

Stamp Duty Abolished for Established Properties

Until at least 30 June 2026, Stamp Duty has been completely abolished for first home buyers purchasing established properties up to a maximum value of $750,000. Previously, there was a 50% Stamp Duty discount for properties valued up to $600,000. This new change means significant savings for first-time buyers, making it easier to step into the property market.

Discount for New Properties

For those looking to purchase new apartments, units off-the-plan, or properties under construction, there's more good news. First home buyers will now receive a 50% Stamp Duty discount on these types of properties up to a maximum value of $750,000. This is a brand-new benefit, as there was no prior Stamp Duty discount for these property types.

For more details on these updates, you can refer to the official factsheet here.

Commonwealth Government's First Home Guarantee and Regional First Home Buyer Guarantee Schemes

Many first home buyers are also benefiting from the Commonwealth Government's First Home Guarantee and Regional First Home Buyer Guarantee schemes. These initiatives offer several advantages:

• No Lender's Mortgage Insurance Costs: Eligible buyers can avoid the additional cost of Lender's Mortgage Insurance.
• Reduced Deposit Requirements: Buyers can secure their home with a lower deposit.
• Lower Interest Rates: Typically, these schemes offer more favorable interest rates.

The maximum property values under these schemes are $450,000 outside Hobart and $600,000 within Hobart. To learn more about these guarantees, click here.

Peter Lees Real Estate: Your Trusted Partner

At Peter Lees Real Estate, we have been guiding first home buyers through the process for many years. We take pride in helping our clients find their dream homes and later have the privilege of selling those homes to the next generation of first home buyers. It's a full circle of trust and dedication.

If you know someone considering purchasing their first home, please share this valuable information with them. And if you’re starting the journey of finding your first home, why not call our office today? We’d love to chat about the homes currently available or coming up soon in your preferred areas.