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No More Stamp Duty: Tasmania’s Gift to New Homeowners
By Deltos Finance on June 25, 2024
Imagine stepping into your first home without the burden of thousands of dollars in stamp duty. Sounds too good to be true? Well, for Tasmanian first-home buyers, this dream has now become a reality. The Tasmanian government has just delivered a game-changing gift that could save you up to $28,945 on your first home purchase. Let’s explore the new stamp duty exemption in Tasmania for established home values up to $750k and see how it could fast-track your journey to homeownership.
How It All Started: The Liberals’ 2030 Strong Plan for Tasmania’s Future
The Tasmanian Liberal Government, led by Premier Jeremy Rockliff, has been on a mission to make homeownership more accessible for Tasmanians. As part of their 2030 Strong Plan for Tasmania’s Future, the Tasmanian Liberals introduced the ambitious ‘Stamping Out Stamp Duty’ plan. This initiative aims to remove one of the biggest hurdles first-home buyers face—the substantial upfront cost of stamp duty.
The goal was clear: help more young Tasmanians achieve the Great Australian Dream of homeownership. By eliminating stamp duty for first-home buyers, the government sought to reduce the time needed to save for a home deposit and make the property market more accessible to a broader range of buyers.
Stamp Duty Exemption Explained: The Details You Need to Know
So, what exactly does this stamp duty exemption for first-home buyers entail? Here’s the breakdown:
- First-home buyers in Tasmania now pay zero stamp duty on established properties valued up to $750,000.
- This is a significant increase from the previous 50% discount on properties up to $600,000.
- The exemption applies to purchases made from February 18, 2024, and will run until June 30, 2026.
- You’re eligible for a retrospective refund for your first home in Tasmania purchased after February 18, 2024.
This change effectively doubles the existing stamp duty discount and increases the property value cap by $150,000, opening up more options for first-home buyers in Tasmania’s property market.
What Will the Stamp Duty Removal Mean for First-Home Buyers?
The implications of this policy are far-reaching:
- Reduced upfront costs: Stamp duty can easily raise the upfront costs of buying a home. Thanks to this recent stamp duty removal in Tasmania for first-home buyers, you can now redirect the money you would have spent on stamp duty towards your deposit, building inspections or moving expenses.
- Potential savings of up to $28,945: Besides lowering your upfront costs, the stamp duty removal can give you potential savings. This significant amount could be better used for home improvements or building your savings.
- Faster entry into the market: Generally, it takes average Tasmanians around six years to save for a house deposit. But with lower upfront costs, you may buy your first home in Hobart or Carlton sooner than expected.
- More buying power: The higher property value cap of $750,000 means you have a wider range of properties to choose from. You no longer have to compromise your needs or lifestyle just to get stamp duty concessions.
- Economic boost: This new stamp duty exemption in Tasmania could boost the local economy. Increased demand for housing could lead to job creation in the construction and real estate sectors.
What Properties Can You Purchase to Enjoy the Stamp Duty Waiver?
The good news is that this stamp duty exemption applies to various properties:
- Established homes
- Existing units and apartments
- Established townhouses
As long as the property is valued at $750,000 or less and it’s your first home purchase in Tasmania, you’re eligible for the stamp duty waiver for first-home buyers.
Start Your First Home Buying Journey
Ready to take advantage of this incredible opportunity? Here’s where Deltos Finance comes in. We’re perfectly positioned to guide you through buying your first house in Tasmania and enjoying the benefits of ‘Stamping Out Stamp Duty.’
Our mortgage brokers in Launceston, Devonport, Richmond and other parts of Tasmania can help you determine your borrowing capacity and find the best home loan options suited to your needs. You can also count on our team to help you understand all the costs of buying your first home, explore grants for first-time homeowners, and maximise the stamp duty exemption in Tasmania.
Don’t let this opportunity slip away. The ‘Stamping Out Stamp Duty’ plan will run until mid-2026, but why wait? The sooner you act, the sooner you can move into your first home. Contact us today, and let us help you kickstart your first home buying journey.
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