New financial year, new rules: ACT stamp duty abolished, Tasmania's exemption ends, and what first home buyers can access in FY2027

July 1, 2026 marks the start of a new financial year in Australia - and for first home buyers it brings a mix of significant new opportunities alongside the end of some generous temporary concessions. The Australian Capital Territory has just made history as the first jurisdiction in the country to scrap stamp duty entirely for all first home buyers, while Tasmania's first home stamp duty exemption has closed. Here is a clear picture of what has changed, what is still available, and how to approach your first home buying journey in FY2027.

ACT becomes the first jurisdiction to abolish stamp duty for all first home buyers

From today, every eligible first home buyer in the Australian Capital Territory pays zero stamp duty - regardless of their income or the value of the property they purchase. This is a genuine first in Australian property history. No other state or territory has eliminated stamp duty for first home buyers without either an income cap or a purchase price ceiling.

The practical savings are substantial. Under the previous Home Buyer Concession Scheme, buyers were exempt only up to roughly $1,020,000 and only within income limits - leaving higher-priced purchases and higher-income buyers still facing a significant stamp duty bill. As of today, that bill is gone for all eligible first home buyers in Canberra.

• On a $700,000 property: first home buyers previously paying around $14,000 in duty now pay $0
• On a $1,000,000 property: the saving is approximately $30,000
• On a $1,500,000 property: the saving is approximately $70,000

The ACT Government confirmed the change as part of its 2026-27 Budget, continuing a 20-year plan to transition from stamp duty to a broader land tax system. For first home buyers considering a purchase in Canberra, this change makes the territory one of the most financially supportive jurisdictions in the country.

Queensland and Tasmania: what changed at midnight June 30

In Queensland, the boosted $30,000 First Home Owner Grant was due to end on June 30. It did not. The 2026-27 Queensland Budget (June 23) continued the $30,000 grant for eligible new-home contracts signed from July 1, 2026, with no end date announced, so Queensland buyers keep the higher amount.

In Tasmania, the temporary stamp duty exemption on established homes up to $750,000 has also ended. At the $750,000 threshold, that exemption was worth approximately $28,900 - a meaningful saving that is no longer available to new buyers from today. The state government has proposed a revised $20,000 First Home Owner Grant from July 1, though this is subject to final passage of legislation.

What is still available to first home buyers entering FY2027

Despite some concessions closing, the range of federal support available to first home buyers is broader and more accessible than it was a year ago.

• First Home Guarantee (5% Deposit Scheme): Now available with unlimited places and no income caps. Any eligible first home buyer can access a 5% deposit without paying Lenders Mortgage Insurance. State price caps vary and were updated as part of the scheme's expansion.
• Help to Buy: Australia's shared equity scheme is now live in all eight states and territories, after Tasmania joined on June 9, 2026. The government contributes up to 40% of the purchase price on a new home or up to 30% on an existing one. Buyers need as little as a 2% deposit. From July 1 the income caps rose to $103,000 for singles and $165,000 for joint applicants and single parents.
• First Home Super Saver Scheme (FHSS): Voluntary super contributions made during FY2027 count toward the $15,000 annual cap and contribute to the $50,000 lifetime maximum you can withdraw for a home deposit. Contributions benefit from concessional tax treatment, reducing the effective cost of saving.
• State grants: Most states still offer a First Home Owner Grant for eligible new home purchases, though amounts vary. Queensland remains at $30,000, South Australia is at $15,000, and Western Australia is at $10,000 (with a higher property price cap north of the 26th parallel).

What this means for first home buyers in FY2027

The opening of the new financial year is a useful moment to take stock of where you stand and which levers are available to you.

• If you are buying in Canberra, zero stamp duty is now a real and immediate saving. Pair this with the 5% First Home Guarantee or Help to Buy and the upfront cost of entering the market has materially reduced.
• If you are buying a new home in Queensland, the $30,000 FHOG is still available, alongside $0 stamp duty for first home buyers on new homes.
• Across all states, the unlimited First Home Guarantee is the most accessible scheme for buyers with a 5% deposit saved. There is no waitlist and no income ceiling.
• The next key date to watch is August 11, when the Reserve Bank of Australia holds its next board meeting. Most major banks expect the cash rate to hold at 4.35%, though Westpac continues to forecast a further hike. Your borrowing capacity and repayment estimates should account for this uncertainty.
• Start FY2027 super contributions early if you are using the FHSS. Making voluntary contributions now maximises the time your money sits in a concessionally taxed environment before you apply to release it.

Run the numbers

Use these tools to see exactly how the FY2027 changes affect your situation:

• Stamp Duty Calculator - enter your state and purchase price to see what duty applies now, including ACT's new zero-duty policy for first home buyers
• Grant Stacker - model the total grants and concessions available to you across federal and state programs in FY2027
• Scheme Comparison Tool - compare the First Home Guarantee, Help to Buy, and other federal schemes side by side to see which best fits your deposit and income
• Borrowing Power Calculator - check how the current 4.35% cash rate affects your maximum loan size, and model an August hike scenario to stress-test your budget