Huge savings up for grabs! Could you pocket up to $28,935 on your first home?
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Homeownership has long been a challenge for many Australians, with upfront costs often standing in the way of first-time buyers.
But recent changes in one state could be a game-changer, offering significant financial relief to those looking to enter the property market.
A new initiative is already making waves, reshaping affordability and opening doors for a fresh wave of buyers.
Tasmanian homebuyers were given a significant financial boost after new stamp duty exemptions came into effect last year, allowing them to save up to $28,935.
The state government raised the property value cap for eligible exemptions from $600,000 to $750,000, making homeownership more accessible for first-time buyers.
Since the change, nearly 1,700 households had already benefited, saving an average of $18,400, according to government data.
The exemptions were backdated to apply to purchases made from 18 February 2024 and would remain in place until 30 June 2026.
Minister for Finance Nic Street said: ‘This will make a real difference in helping more Tasmanians buy their first home.’
Real estate agent Harry Coomer noted that the scheme had a noticeable effect on the market, particularly among younger buyers.
‘We’ve certainly seen an uptick in first-home buyers looking to capitalise on the initiative,’ he shared.
He added that the adjustment to the threshold was necessary given the surge in sale prices in 2021, as it expanded buyers’ options both in terms of home types and locations.
However, not all first-home buyers prioritised the exemption, with some choosing to purchase properties above the threshold.
Coomer said: ‘We have occasionally seen first-home buyers disregard the threshold and simply purchase the property they want, regardless of eligibility.’
‘Generally, though, it has been a strong focus point for first-time buyers.’
Tasmania’s Minister for Finance Roger Jaensch highlighted the importance of the reforms in making homeownership a reality for more residents.
‘This scheme provides households with a saving of up to $28,935, which is making a real impact on the affordability of a first home,’ Jaensch said.
‘That kind of money can literally make the difference between being able to buy a first home or not—particularly given the need for a large upfront cash deposit when buying a house.’
The changes brought Tasmania’s stamp duty exemptions closer to those in New South Wales and Victoria, where more generous concessions had already been in place.
In New South Wales, first-home buyers were eligible for full exemptions on properties up to $800,000, with partial concessions available up to $1 million.
Victoria had a lower threshold, with full exemptions applying to homes valued up to $600,000 and concessions available for those worth up to $750,000.
Other states had stricter limits, while South Australia and the Northern Territory only offered stamp duty exemptions for new builds.
State governments had long debated the future of stamp duty, with many experts criticising it as a barrier to housing affordability.
Former Treasury head and NAB chairman Ken Henry had been one of the most vocal critics, previously describing the tax as a ‘diabolical’ policy.
‘This is a terrible tax, property stamp duties, it’s completely indefensible and it can be replaced, we know how to replace it,’ Henry shared.
He argued that removing stamp duty would not only stabilise state budgets but also improve productivity by encouraging housing mobility.
Federal Housing Minister Clare O’Neil also condemned the tax, echoing calls from the Business Council of Australia to abolish it.
‘It’s a really good idea,’ O’Neil said.
‘[Stamp duty] prevents people from moving around the housing market in the way that suits them best and it creates cost for everyone who is selling or buying a home.’
Shortly after, Victorian Premier Jacinta Allan took steps to reduce the tax burden, cutting stamp duty on off-the-plan apartments, townhouses and units.
‘We asked industry what they need to build more homes sooner—and this is what they said,’ Allan said.
‘More apartments and townhouses getting built means more homes for young people and families to rent or buy.’
In a previous story, we covered how the RBA’s rate cut could impact homeowners and potential buyers.
With stamp duty savings now in play, these financial changes could make a big difference for first-home buyers.
Read more to see how much you could really save on your mortgage.
With Tasmania’s stamp duty changes making homeownership more accessible, do you think other states should follow suit?
Let us know your thoughts in the comments.
But recent changes in one state could be a game-changer, offering significant financial relief to those looking to enter the property market.
A new initiative is already making waves, reshaping affordability and opening doors for a fresh wave of buyers.
Tasmanian homebuyers were given a significant financial boost after new stamp duty exemptions came into effect last year, allowing them to save up to $28,935.
The state government raised the property value cap for eligible exemptions from $600,000 to $750,000, making homeownership more accessible for first-time buyers.
Since the change, nearly 1,700 households had already benefited, saving an average of $18,400, according to government data.
The exemptions were backdated to apply to purchases made from 18 February 2024 and would remain in place until 30 June 2026.
Minister for Finance Nic Street said: ‘This will make a real difference in helping more Tasmanians buy their first home.’
Real estate agent Harry Coomer noted that the scheme had a noticeable effect on the market, particularly among younger buyers.
‘We’ve certainly seen an uptick in first-home buyers looking to capitalise on the initiative,’ he shared.
He added that the adjustment to the threshold was necessary given the surge in sale prices in 2021, as it expanded buyers’ options both in terms of home types and locations.
However, not all first-home buyers prioritised the exemption, with some choosing to purchase properties above the threshold.
Coomer said: ‘We have occasionally seen first-home buyers disregard the threshold and simply purchase the property they want, regardless of eligibility.’
‘Generally, though, it has been a strong focus point for first-time buyers.’
Tasmania’s Minister for Finance Roger Jaensch highlighted the importance of the reforms in making homeownership a reality for more residents.
‘This scheme provides households with a saving of up to $28,935, which is making a real impact on the affordability of a first home,’ Jaensch said.
‘That kind of money can literally make the difference between being able to buy a first home or not—particularly given the need for a large upfront cash deposit when buying a house.’
The changes brought Tasmania’s stamp duty exemptions closer to those in New South Wales and Victoria, where more generous concessions had already been in place.
In New South Wales, first-home buyers were eligible for full exemptions on properties up to $800,000, with partial concessions available up to $1 million.
Victoria had a lower threshold, with full exemptions applying to homes valued up to $600,000 and concessions available for those worth up to $750,000.
Other states had stricter limits, while South Australia and the Northern Territory only offered stamp duty exemptions for new builds.
State governments had long debated the future of stamp duty, with many experts criticising it as a barrier to housing affordability.
Former Treasury head and NAB chairman Ken Henry had been one of the most vocal critics, previously describing the tax as a ‘diabolical’ policy.
‘This is a terrible tax, property stamp duties, it’s completely indefensible and it can be replaced, we know how to replace it,’ Henry shared.
He argued that removing stamp duty would not only stabilise state budgets but also improve productivity by encouraging housing mobility.
Federal Housing Minister Clare O’Neil also condemned the tax, echoing calls from the Business Council of Australia to abolish it.
‘It’s a really good idea,’ O’Neil said.
‘[Stamp duty] prevents people from moving around the housing market in the way that suits them best and it creates cost for everyone who is selling or buying a home.’
Shortly after, Victorian Premier Jacinta Allan took steps to reduce the tax burden, cutting stamp duty on off-the-plan apartments, townhouses and units.
‘We asked industry what they need to build more homes sooner—and this is what they said,’ Allan said.
‘More apartments and townhouses getting built means more homes for young people and families to rent or buy.’
In a previous story, we covered how the RBA’s rate cut could impact homeowners and potential buyers.
With stamp duty savings now in play, these financial changes could make a big difference for first-home buyers.
Read more to see how much you could really save on your mortgage.
With Tasmania’s stamp duty changes making homeownership more accessible, do you think other states should follow suit?
Let us know your thoughts in the comments.
