Tasmania's stamp duty exemption for first home buyers ends June 30, leaving buyers scrambling
Tasmania's stamp duty exemption for first home buyers expires on June 30, 2026, with eligibility determined by settlement date rather than contract signing date, creating financial hardship for buyers already in the purchase process. The scheme, introduced in 2018 as a 50% concession for homes under $400,000, has been a key support for first-time buyers, but the government says the deadline was legislated nearly two years ago and publicly known. The timing is particularly problematic because delays in Tasmania's MyHome shared equity scheme can extend settlements beyond 120 days, causing buyers to miss the exemption deadline and face unexpected costs of up to $25,000.
Tasmania's stamp duty exemption for first home buyers is set to expire on June 30, 2026, creating significant financial pressure for buyers currently in the purchase process. The exemption, originally introduced in 2018 as a 50% concession for existing homes under $400,000, has been a crucial support mechanism for first-time buyers. However, the eligibility is tied to the settlement date rather than the contract signing date, meaning buyers can miss the deadline through no fault of their own if their purchase takes longer than expected. This is particularly problematic given that Tasmania's MyHome shared equity scheme—designed to help first home buyers—typically requires 120 days or more from contract signing to settlement, compared to the standard 60-day timeframe. First home buyer Heith Mineur faces an unexpected $25,000 stamp duty bill after delays in his MyHome purchase pushed his settlement past the June 30 deadline. While Treasurer Eric Abetz maintains the deadline was legislated nearly two years ago and publicly communicated, mortgage brokers and real estate agents report widespread shock among buyers who did not anticipate the scheme's end or understand the settlement-date eligibility requirement.
What's missing
The article does not provide information on: (1) the total number of first home buyers affected by this deadline; (2) the government's stated rationale for ending the scheme rather than extending it; (3) whether other Australian states or territories have similar stamp duty schemes and their status; (4) specific data on how many MyHome applicants have experienced delays beyond 120 days.
What different sources said
- ABC AustraliaCenter
First home buyers left scrambling as stamp duty exemption ends
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