Buying a home
In short
Buying a first home usually needs a deposit, proof you can repay a loan, and money for costs like conveyancing and (sometimes) stamp duty. Government schemes can cut the deposit needed and, in some cases, remove stamp duty. Several Tasmanian concessions change from 1 July 2026, so check dates carefully.
The full stamp-duty exemption for first-home buyers of established homes up to $750,000 applied to transactions settling by 30 June 2026. The boosted $30,000 First Home Owner Grant also ran to 30 June 2026. From 1 July 2026 a $20,000 grant for new builds was legislated to apply. Because these dates have now passed or changed, confirm the current position with the State Revenue Office Tasmania before relying on any figure here.
The deposit
Lenders traditionally want a 20% deposit to avoid Lenders Mortgage Insurance (LMI) - an insurance that protects the lender (not you) and can cost thousands. You can often buy with less (5% or even 2%), but you may pay LMI unless a government guarantee scheme covers you.
Government schemes that help first buyers
Home Guarantee Scheme (federal)
Now promoted as the Australian Government 5% Deposit Scheme, this lets eligible first buyers purchase with as little as a 5% deposit with no LMI, because the government guarantees part of the loan. A stream for single parents/guardians allows as little as 2%. Administered by Housing Australia; general information and participating lenders are listed at firsthomebuyers.gov.au. Price caps and eligibility apply and are updated periodically.
First Home Super Saver (FHSS)
Save a deposit inside super, where contributions are taxed at only 15%, then withdraw them (plus deemed earnings) for your first home. Can build a deposit faster. Limits and rules apply - check the ATO.
First Home Owner Grant (Tasmania)
A state cash grant for eligible buyers of new homes. The amount and dates have changed for 2026 - confirm the current grant with the SRO Tasmania.
Stamp duty concessions (Tasmania)
Property transfer duty is a large upfront cost. First-home concessions have applied but are changing from 1 July 2026 - check current eligibility and thresholds with the SRO Tasmania.
MyHome (Tasmania shared equity)
Homes Tasmania can co-purchase a share of the property with eligible buyers, lowering the amount you must borrow. Separate application and eligibility.
Help to Buy (federal)
A federal shared-equity scheme where the government takes an equity share to reduce your loan. Places and eligibility are limited - check current availability.
For example, a first buyer might use the Home Guarantee Scheme (5% deposit, no LMI) alongside the First Home Super Saver to build that deposit, plus any current state grant on a new build. Rules on combining change - a mortgage broker and the official scheme pages will confirm what stacks in your case.
The real costs beyond the price
- Stamp duty / transfer duty - can be tens of thousands unless a concession applies.
- Conveyancing / legal fees - to handle the transfer.
- Building and pest inspection - money well spent before you commit.
- Loan and LMI costs - application fees, and LMI if your deposit is under 20% and no guarantee applies.
- Moving, connection and initial repairs.
- Ongoing: council rates, water, insurance, body corporate (for units), and maintenance.
Steps to buying your first home
Save and check your borrowing power
Build your deposit and get a sense of what you can borrow. A broker can help and is usually free to you.
Check which schemes you qualify for
Home Guarantee, FHSS, and current state grants/concessions. Confirm dates and caps on the official pages.
Get pre-approval
A lender indicates how much they will lend, so you can shop with confidence.
Find a property and do your checks
Building and pest inspection, strata report for units, and research the area.
Make an offer and engage a conveyancer
They review the contract and manage settlement.
Settle and move in
Final loan approval, duty paid (or exempt), keys handed over. Then budget for the ongoing costs above.
Sources for this page
Every figure below was checked against the official source shown. Verified 20 July 2026. Figures and rules change - always confirm before acting.
- Housing Australia - Home Guarantee Scheme. housingaustralia.gov.au - 5% deposit scheme
- State Revenue Office Tasmania - First home buyers of established homes duty relief. sro.tas.gov.au - exemption ended 30 June 2026
- Tasmanian Government - First Home Owner Grant. sro.tas.gov.au - grant amount changed 1 July 2026
- Australian Taxation Office - First Home Super Saver Scheme. ato.gov.au - FHSS
- ASIC - Moneysmart - Buying a house. moneysmart.gov.au/home-loans - independent guidance
Tasmanian grant amounts, stamp-duty thresholds and federal scheme price caps change frequently and several changed on 1 July 2026. Every figure on this page must be re-confirmed on the official page before you rely on it.
Verified 20 July 2026