Is now the right time to buy, build or renovate a home?

We think so! There are many Government incentives for first home buyers, first home builders or even those experienced at building or renovating. We decided to put them all in one place so it’s clear for you. Read on to get all the facts so you can start (or build) your property portfolio!

Stamp Duty

If you are a first home buyer purchasing an existing home under $500,000, you are eligible for 50% off your stamp duty. To find out more about how to calculate stamp duty on your purchase, read Tasmanian Stamp Duty Explained!

First Home Loan Deposit Scheme (FHLDS)

The FHLDS was announced in January 2020 and allows first home buyers to buy into the property market with a deposit as little as 5%. In addition, this grant can be used in conjunction with other government schemes, making the process of obtaining your first home even more accessible.

First Home Owners Grant (FHOG)

The First Home Owners Grant is currently worth $30,000* and valid to those purchasing a new (or newly built) home for the first time. That means if you wish to build or purchase a brand new home, the Tasmanian Government will help you out with an additional $30,000 on top of your savings. In April 2021, the First Home Owners Grant was extended to 2022.

*$30 000 grant: for transactions that commence between 1 April 2021 and 30 June 2022.

*$20 000 grant: for transactions that commence between 1 July 2016 and 31 March 2021.

Ancillary Dwelling Grants

Applications are now open for this new program. Funding is available for homeowners who construct a new ancillary dwelling (such as a granny flat or studio) and make it available for long-term rent for at least two years. This scheme will close on 30 June 2022, or until the program’s allocation of 250 grants has been filled.

Want to know more or have some questions?

If you or someone you know needs assistance with a loan or has any questions regarding grants, please get in touch via the form below!

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