There are stamp duty exemptions for first home buyers to help them enter the market.
Duty relief for first home buyers of established homes based on the date of the transfer:
This is an exemption from property transfer duty for first home buyers of established homes which have a dutiable value of $750 000 or less which settle (i.e. transfers that complete) between 18 February 2024 to 30 June 2026 inclusive.
To be eligible for duty relief all of the purchasers/transferees:
- must purchase an established home in Tasmania that has a dutiable value of:
- $750 000 or less for property purchases between 18 February 2024 and 30 June 2026 inclusive.
- $600 000 or less for property purchases between 1 January 2022 and 17 February 2024 inclusive.
- $500 000 or less for property purchases between 16 March 2021 and 31 December 2021 inclusive.
- $400 000 or less for property purchases between 7 February 2018 and 15 March 2021 inclusive.
You can also apply for a refund of duty paid.
Source : State Revenue Office of Tasmania