If you’re confused, then this may help!
First Home Owner Grant
The Tasmanian Government will pay a one-off First Home Owner Grant to eligible first home owners for the purchase or building of a new home. The Grant is an amount of $20,000 until 30 June 2020 and then reduces to $10,000 from 1 July 2020.
There are eligibility criteria and these can be sourced from the State Revenue Office website: www.sro.tas.gov.au
Property transfer duty (affectionately known as Stamp duty)
· First home buyers
If you are a first home buyer, buying an established home with a value of $400,000 or lower, then the Tasmanian Government will provide you with a 50 per cent concession on the property transfer duty. It’s available between 7 February 2018 and 30 June 2020 for homes that settle within that period.
There are eligibility criteria and these can be found on State Revenue Office website: www.sro.tas.gov.au
· Pensioners downsizing to a new home
If you are pensioner who sells their home in Tasmania to downsize by buying another home in Tasmania where the value of the new home is less than $400,000 and the value of the new home is less than the value of the former home, then you may be eligible for a 50 per cent concession from the Tasmanian Government on the property transfer duty.
There are eligibility criteria and these can be found on State Revenue Office website: www.sro.tas.gov.au
· Personal relationships
If you are in a marriage, significant relationship or caring relationship and you transfer a dwelling between you then the Tasmanian Government may exempt you from the payment of property transfer duty.
Again, there are eligibility criteria and these can be found on the State Revenue Office website: www.sro.tas.gov.au
First Home Loan Deposit Scheme
Typically, a first home buyer requires a 20 per cent deposit to purchase a residential property if they want to avoid paying lenders mortgage insurance. Under the First Home Loan Deposit Scheme, eligible first home buyers need only have a deposit of as little as 5 per cent and the Government will guarantee the remaining 15 per cent as part of the first home buyer’s home loan from a participating lender. In Tasmania, the value of the house must not be more than $400,000 if located in Hobart or $300,000 if located outside Hobart.
To find out more about eligibility criteria, then go to the NHFIC website: www.nhfic.gov.au
The guarantee can be used in conjunction with the Tasmanian Government’s First Home Owner Grant and property transfer duty concessions.
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