Stamping Out Stamp Duty - Set to Open More Doors for Tasmanian First Home Buyers
Stamp duty has long been a significant financial hurdle for home buyers, particularly first-time buyers. In a bold move to address this issue, the Tasmanian Government is committed to eliminating stamp duty for eligible first-time buyers, providing substantial financial relief.
As part of their ambitious 2030 Strong Plan for Tasmania’s Future, a new initiative has been announced aimed at providing Stamp Duty relief for first home buyers. This policy is going to make the Great Australian Dream of owning a home more attainable for thousands of first home buyers across the state.
“This is why we are going to make it easier for young Tasmanians to own their first home by Stamping Out Stamp Duty,” Premier Rockliff stated. “In doing so, we will make it easier for around 1,500 Tasmanian families a year to find their way into secure home ownership via huge savings of up to $28,945.”
By removing stamp duty costs for first-time home buyers, the government aims to foster stability and security for more Tasmanians, paving the way for sustainable growth and prosperity in the state.
Who is eligible?
Eligible Tasmanians purchasing their first home won’t pay a cent of stamp duty for properties valued up to $750,000. This policy is retrospective to February 18 2024, subject to the passage of legislation, and represents a significant enhancement from the previous 50 percent discount on stamp duty.
“Our Stamping Out Stamp Duty Plan is for existing houses, units, and apartments, and will begin immediately for two years until June 30, 2026, and will then be reviewed subject to prevailing market and economic conditions,” Treasurer Ferguson explained.
Over the past six years, the Tasmanian Government’s stamp duty discounts have already helped 8,000 young Tasmanians secure their first homes. With this new initiative, thousands more will benefit.
To see how much you could save with this new policy, visit [Stamp Duty Calculator] (https://stampoutstampduty.com/about). This tool provides a clear picture of the potential savings, making it easier for you to plan your path to home ownership.
At MIX Property Group, we are excited about the opportunities this initiative will create for young Tasmanians. Stamping Out Stamp Duty is not just a financial relief; it is a step towards building stronger, more secure communities. We look forward to assisting you in navigating these new changes and helping you achieve your dream of owning a home in beautiful Tasmania.
For more information and personalised assistance, please contact our team. Let’s open more doors together!
Other Helpful Links
Empowering More Tasmanians to Achieve Home Ownership
Understanding the Impact of the 2024 Federal Budget on Tasmania's Property Industry