Tasmanian First Home Buyer incentives?

Right now in Tasmania it’s a great time to buy your first home. Yes, borrowing capacity is still a challenge, but here’s five Tasmanian first home buyer incentives to help you.

1. No Stamp duty for existing properties up to $750,000. This could save up to $28,935
2. First Home Guarantee Scheme-removes the cost of lenders mortgage insurance and provides lower interest rates
3. Property listings are 41% above the five year average=more property to choose from
4. MyHome Scheme-Increase your purchasing power with a smaller loan
5. Interest rates are at or near their peak=lower future repayments

The great thing is that some of these incentives can be used together.

You may qualify for the First Home Guarantee where the federal government acts like a family guarantor. You get a lower interest rate equivalent to a loan at 80% of the property value and avoid the high cost of lenders mortgage insurance. Plus if it’s an existing home under $750,000 you pay no stamp duty.

You could use the MyHome Scheme structure to increase your purchasing power, plus pay no stamp duty on existing properties up to $600,000.

Property listings are high in Tasmania at the moment. This means more properties to choose from and perhaps less competition.

We are getting close to or perhaps even at the peak of the interest rate cycle. Over the next 12-24 months rates should reduce helping to reduce your loan repayments, or pay it off sooner.

Altogether these add up to a lot of assistance for first home buyers, particulalry those buying existing property.

Please contact me directly if your friends or family would like to buy their first home and take advantage of the above incentives.