Buying a property in Tasmania: the complete step-by-step guide

Talk to your lender or mortgage broker early and get pre-approval, so you know how much you can borrow. Remember to budget for more than the price: duty, lender’s fees, searches, inspections, insurance and our fees all add up.

If you’re a first home buyer, note that the duty exemption for established homes has ended. See step 6.

Most properties are sold through an agent, either by private treaty or at auction. You can negotiate the price, deposit, settlement date and conditions, but nothing is binding until a written contract is signed by both parties.

Most Tasmanian sales use the standard form contract distributed by the Law Society of Tasmania. Its conditions are fairly standard, but the particulars and any special conditions are where the important detail sits.

Tasmanian sellers don’t have to give you a disclosure statement. Under the standard contract, the seller gives limited warranties about the property, and some properties are sold “as is”. That makes your own checks essential. We review the contract and the vendor’s warranties, and run the searches you need, including a title search on the LIST and a council certificate under section 337 of the Local Government Act 1993, which shows permits, notices and orders affecting the property. For units, we also review the body corporate information.

Our advice draws on years of acting for Australia’s major banks and lenders. We’ve seen where transactions go wrong and the things that are often missed, so we know what to look for before it becomes a problem. You get the benefit of that experience. In other words, the benefit of hindsight.

This is also when to decide how you’ll hold title if you’re buying with someone else, as joint tenants or tenants in common. We’ll explain the difference and help you choose.

Once both parties sign and the contract is exchanged, it’s binding. There’s no statutory cooling-off period in Tasmania. You and the seller can agree to a cooling-off period in the contract, but sellers often resist it, so don’t assume you’ll have one. Cooling-off only protects the buyer. The seller has no cooling-off right. Our guide to cooling-off and settlement in Tasmania explains how it works.

You pay the deposit, usually to the selling agent’s trust account, by the time set out in the contract.

If your contract includes a finance condition, you must make reasonable efforts to get the loan and give notice by the deadline if it isn’t approved. A building inspection condition can let you end the contract if the report shows defects above an agreed limit.

With no seller disclosure, a building and pest inspection is especially important in Tasmania. Act within the dates in the contract, or you lose the right. We track those dates for you.

Duty is calculated on the greater of the price and the unencumbered value of the property, using the general rates. For example, duty is $12,935 plus $4.25 for every $100 over $375,000, so a $600,000 home attracts duty of $22,497.50. You can check your figure with the SRO duty calculator. Duty is payable within three months of the transaction, usually settlement, and in practice is paid through PEXA at settlement.

The first home buyer duty exemption for established homes up to $750,000 is not available for transactions settling after 30 June 2026. If you’re buying or building a new home, you may be eligible for the $20,000 First Home Owner Grant for transactions starting between 1 July 2026 and 30 June 2027. Foreign buyers pay an additional 8% foreign investor duty surcharge on residential property.

Before settlement, we check the settlement adjustments for council rates, water and sewerage, and body corporate levies, prepare your settlement statement and confirm the figures with your lender. About 7 days before settlement, we’ll email you a pre-settlement summary. It includes the statement of adjustments, what you need to do before settlement and exactly how much you need to have available to settle.

Book a final inspection to check the condition of the property and the inclusions.

Electronic settlement through PEXA, Australia’s main digital property settlement platform, has recently been rolled out in Tasmania, and more and more transactions now settle electronically. That’s a great result for buyers and sellers: it’s faster and more secure than paper settlement. The balance of the price is paid by your lender and by you, depending on how much you’re borrowing. At the same time, duty is paid, the transfer and your mortgage are lodged, and the seller’s loan is paid out. Once we confirm settlement, the agent releases the keys.

Since 1 September 2026, paper certificates of title are no longer part of Tasmanian property transactions. Ownership is recorded on the electronic Land Titles Register. After settlement, we send you a final letter confirming the purchase.