Prospective property owners able to figure out potential stamp duty savings with online calculator

New homeowners Grace Burden and Patrick Illingworth are among the beneficiaries of a stamp duty discount. Find out how much new homeowners can save with a new calculator >>

Liberal Member for Bass Rob Fairs, Patrick Illingworth, Grace Burden and Treasurer Michael Ferguson. Picture: Supplied.

Those looking to break into the housing market can now figure out how much of their stamp duty costs will be covered with a new online calculator.

During the state election, the Liberals announced that stamp duty would be removed for first-home buyers who bought a property for less than $750,000.

In addition, those who purchase an apartment or buy off-the-plan, where a set payment is agreed to for a constructed property, only have to pay half of their stamp duty costs.

The online calculator shows the stamp duty cost for an apartment at Sandy Bay valued at $730,000 would be $14,018 instead of $28,035.

Meanwhile, someone trying to buy a unit at East Devonport, where the median price is $360,000 for the year up to April, would save $6168 on stamp duty.

However, like for first-home owners, the stamp duty discount is capped at $750,000 for apartments.

The legislation for the discounts has been tabled in state parliament and is expected to pass both houses.

Liberal Member for Bass Rob Fairs, Patrick Illingworth, Grace Burden and Treasurer Michael Ferguson. Picture: Supplied.

On Sunday, Treasurer Michael Ferguson said the stamp duty discounts would be backdated to February 18.

Previously, first-home buyers were eligible for half of stamp duty costs being removed for properties valued up to $600,000.

Young couple Grace Burden and Patrick Illingworth recently bought a three-bedroom house at South Launceston, having previously lived in Hobart.

“We weren’t really thinking about officially buying a home for another month or two because stamp duty was still quite high, and it’s a considerable amount of money,” Ms Burden said.

“It was going to be really hard for us to pull that together in a short amount of time.

“But with the concession coming in at 100 per cent, it’s allowed us to have extra funds … to be able to renovate the house or do other things that we want to do.”

Mr Illingworth said the couple having their own house provided them with stability.

“There’s no more lease inspections and the potential of being asked to move out at the end,” he said.

“As a renter, I think it’s always something that you have to battle with.”

In the past, Ms Burden said both of them had to contend with the potential of rent rises.

“It can be a bit of a shock when the rent gets jacked up, and you’re thinking ‘What are we doing? Paying off someone else’s mortgage?’

“Now it’s a lot easier, and we’re not going to have to rent again, which is nice.”