Rising interest rates continue to stretch the borrowing capacity of those looking to buy a home, but a government shared equity program provides another pathway into home ownership. Introduced on 1 July 2022 (and expanded from 1 July 2024), MyHome helps eligible Tasmanians buy or build by sharing the upfront cost with Homes Tasmania.
Available exclusively through Tasmanian-owned Bank of us, the MyHome shared equity scheme offers an opportunity for buyers to secure a property with as little as a 2% deposit. Eligibility is determined by two factors: your personal circumstances (including income and other criteria) and property criteria such as the type of dwelling and purchase price.
Those eligible for the program can receive the following:
- up to a maximum of $300,000 or 40 per cent (whichever is the lesser amount) of the purchase price for purchasers of new homes, construction on own land, 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.
Under MyHome, property price caps apply. Eligible purchases are capped at $750,000 for existing homes and $800,000 for new builds/house and land packages.
Under the scheme, the government will own the agreed share of your home which you must pay off within 30 years. This can be done either by buying out the government’s share at an agreed price or by selling the home.
Full details of the scheme and application process are available via the Bank of us website and at their branches around the state.