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Announced on 19 May 2024, the Tasmanian government outlined its 2030 Strong Plan for Tasmania’s Future, which included the expansion of the MyHome shared equity program.
Tasmania’s Minister for Housing and Planning Felix Ellis said that from 1 July, there will be a significant increase to the assistance available to buyers of new homes or house and land packages.
Ellis said the household limit will increase by 25 per cent to $116,933 for singles and $134,475 for couples.
“This means that a couple earning $130,000 can finally realise their dream of home ownership with as little as a 2 per cent deposit,” Ellis said.
Additionally, the Homes Tasmania’s shared equity contribution will increase from $200,000 to $300,000 (or 40 per cent) of the purchase price, whichever is the lesser amount.
Ellis said 380 households have been helped into new home ownership with 282 buying existing homes, 18 new homes, with the remaining 80 purchasing house and land packages since the launch of the MyHome program in 2022.
“We’re doing everything in our power to help more Tasmanians achieve that great Australian dream of owning your own home,” he said.
“The MyHome Program assists people to help build or buy their own home, with as little as 2 per cent deposit.
“MyHome shares the upfront costs of owning your own home which reduces the deposit you need and your mortgage repayments.”
Speaking to Mortgage Business, CEO and principal of Derwent Finance, Emmanuel Marios, said this move from the Tasmanian government was expected.
“Having that incentive in place is obviously going to push people who don’t have that generic 20 per cent deposit into the market a lot sooner,” he said.
Marios further said that the expansion will “definitely help out” prospective home buyers going forward.
“We have heard and found that a lot of people are looking at using money that they get back from their tax returns to contribute towards their property purchase,” Marios said.
“It’s a relief to everybody that it’s going to be extended after [30 June].”
Marios said that around four out of 10 inquiries from Tasmanian clients are looking for more information on the MyHome program.
“It is a scheme that’s been available for quite a while, but unfortunately, there’s not much information available to the public,” Marios said.
“So, we generally do get customers reaching out to get a bit of an understanding about what it’s about to find out if they qualify or don’t qualify and what they need to do [to be eligible for the scheme].”
This comes as the Victorian government announced on 7 May 2024 that the Victorian Homebuyer Fund will cease after next year, putting forward $700 million to extend the fund to “accelerate more Victorians into home ownership”.
[RELATED: Victorian Homebuyer Fund to end next year]
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