MyHome Shared Equity Program
This Tasmanian Government scheme helps Tasmanians to buy or build their own home with assistance available through the new MyHome Shared Equity Program.
MyHome helps buy your own home faster!
If buying your own home always seems out of reach or if your life circumstances have changed MyHome Shared Equity Program might be perfect for you.
With MyHome, the Tasmanian State Government’s Director of Housing share the upfront costs of buying your home which reduces the deposit you will need and mortgage repayments you make.
MyHome is the Tasmanian Government’s shared equity program that helps people get into their own home sooner.
Under MyHome you share the cost of buying your home with the Director of Housing.
The Director of Housing’s equity contribution under MyHome varies depending on what type of home purchase you are making. The value of the Director of Housing’s share will be calculated on the market value of the property based on the Director of Housing’s equity contribution percentage at the time of purchase.
Under MyHome you must pay out the Director of Housing’s share before 30 years. You can do this by purchasing the Director of Housing’s share or by selling the house.
With MyHome you only need a deposit of two per cent of the purchase price.
Assistance also includes:
- up to a maximum of $200,000 or 40 per cent (whichever is the lesser amount) of the purchase price for purchasers of new homes or house and land packages
- up to a maximum of $150,000 or 30 per cent (whichever is the lesser amount), of the purchase price for purchasers of existing homes.
If you are interested in buying an existing home (home that has been lived in) there is a property price cap of $600,000 under MyHome.
You must meet the eligibility criteria for MyHome. This includes having enough income to meet the costs of purchasing and owning a home. For more information see Eligibility for Home Ownership Assistance.
MyHome is available to tenants for homes owned by the Director of Housing. Tenants are exempt from income and asset limits under the program.
We will call you as soon as we can to chat about what you are looking for and how we can help you get there. Nothing formal just a good old fashioned conversation.