Under our 2030 Strong Plan for Tasmania’s Future, a re-elected majority Liberal Government will:
- Abolish the stamp duty cost for first-home buyers of properties up to $750,000.
An important part of our 2030 Strong Plan for Tasmania's Future is to help more Tasmanians realise their home ownership dream.
QUICK FACTS
- First home buyers will pay zero stamp duty on properties up to $750,000.
- This will help an extra 1500 Tasmanian households to buy their first home.
- First home buyers will save up to $28,935 buying their first home.
- This will double the existing stamp duty discount of 50 % and increase the property value cap from $600,000 to $750,000.
- Stamping out Stamp Duty will open immediately and remain open until 30 June 2026 when it will be reviewed.
- The Short Stay Levy will raise $11 million a year, raising around $44 million over four years. Stamping out Stamp Duty will cost an estimated $64.3 million over two years, meaning an estimated net policy cost to the budget of $20.3 million.
The Tasmanian Liberals understand the stress of trying to purchase your first home and we want more singles, couples and families to fulfil this dream.
A re-elected majority Liberal Government will abolish millions of dollars in stamp duty costs for young Tasmanians as part of our 2030 Strong Plan for Tasmania's Future.
Our Plan will help more young Tasmanians buy their first home by scrapping stamp duty.
Eligible young Tasmanians won't have to pay a cent of stamp duty for any home valued up to $750,000.
This is a massive doubling of the existing stamp duty discount of 50 %, and significantly increases the current property value cap of $600,000 to $750,000.
It will help around an extra 1500 Tasmanian households into the housing market a year, with huge savings of up to $28,935.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.
Importantly, we will help pay for this with the new short stay levy, which will be paid overwhelmingly by interstate and overseas travellers. Every cent of that levy will go directly to Tasmanian first home buyers.
Already our stamp duty discounts have helped 8000 young Tasmanians into their first home in the past six years. But we know that it isn't getting easier for young Tasmanians to achieve the Great Australian Dream of home ownership.
The economic gains our State has made under our majority Liberal Government have also brought growing pains, including housing supply and affordability challenges. That's why we're helping singles, couples and families to buy their first home, because we want more young Tasmanians to buy a home here, build a career here, and raise a family here.
Our Stamping Out Stamp Duty Plan is for existing houses, units and apartments. It will begin immediately, will be open for two years until 30 June 2026, and will then be reviewed subject to prevailing market and economic conditions.
Net Cost:$20.3 million.