First Home Buyer Incentives

There are currently three incentives for first home buyers.

1. If buying an existing home in Tasmania under $400,000 first home buyers will pay only half their stamp duty. These contracts must SETTLE prior to 30 June 2020.

2. If building a new home OR buying a new home (the property has never been lived in) a first home buyer will get $20,000 provided they have a fixed price building quote or contract to buy SIGNED by 30 June 2020.

3. There is also a government scheme to assist 10,000 buyers to purchase a property, up to $300,000 in the Launceston area, with a 5% deposit (plus costs) but treating the sale as though they have a 20% deposit (plus costs). This would save them around $6,000 in lender’s mortgage insurance which normally applies to transactions that don’t meet the 20% deposit requirement. See https://www.nhfic.gov.au/what-we-do/fhlds/ for more information on this scheme.

For further information, please contact the State Revenue Office on (03) 6166 4400.

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