A Strong Plan to help more Tasmanians realise their dream of home ownership

The Tasmanian Government’s 2030 Strong Plan for Tasmania’s Future is building more homes, faster.

Under this Plan, the successful MyHome shared equity program is being expanded to support more Tasmanians to buy or build their own home.

Minister for Housing and Planning, Felix Ellis said that from 1 July, the assistance available to buyers of new homes or house and land packages will significantly increase.

“We’re doing everything in our power to help more Tasmanians achieve that great Australian dream of owning your own home,” said Minister Ellis. 

“The MyHome Program assists people to help build or buy their own home, with as little as two per cent deposit,” Minister Ellis said.

“MyHome shares the upfront costs of owning your own home which reduces the deposit you need and your mortgage repayments.”

“The household income limit will increase by 25 per cent to $116,933 for a single and $134,475 for a couple. 

“This means that a couple earning $130,000 can finally realise their dream of home ownership with as little as a two per cent deposit.”

Homes Tasmania’s shared equity contribution will also increase from $200 000 to $300 000 or 40 per cent (whichever is the lesser amount) of the purchase price.

Minister Ellis said that since the launch of the MyHome program in 2022, 380 households have been assisted into home ownership with 282 buying existing homes, 18 new homes with the remaining 80 purchasing house and land packages.

“MyHome has shown itself to be an incredibly popular program that is supporting Tasmanians to enter private home ownership," Minister Ellis said.

“The Tasmanian Government will continue doing everything possible to help Tasmanians achieve the dream of home ownership under our 2030 Strong Plan for Tasmania’s Future."