For many Tasmanians, buying or building a first home is a milestone filled with both excitement and financial challenge. To make the path to ownership more achievable, both the state and federal governments provide a range of initiatives designed to reduce upfront costs, ease deposit hurdles, and expand opportunities for buyers. Here’s an overview of the key programs currently available in Tasmania.
First Home Owner Grant (FHOG)
The First Home Owner Grant offers $10,000 for eligible buyers building or purchasing a new home. To qualify, you must be 18 or older, an Australian citizen or permanent resident, and commit to living in the property for at least six months. The grant applies only to new homes that have never been occupied. More information is available via the Tasmanian State Revenue Office.
Stamp Duty Exemptions
In addition to the FHOG, Tasmania provides a full exemption from stamp duty for first home buyers purchasing established homes valued up to $750,000. This can save buyers around $18,500, removing one of the biggest barriers to entering the market. Details are outlined on the SRO Tasmania website.
MyHome Shared Equity Program
For buyers with smaller deposits, the MyHome program allows entry into the market with as little as 2% deposit. The Tasmanian Government can contribute up to 40% of the purchase price for new homes and 30% for existing homes, reducing both the loan size and ongoing repayments. Full program information is provided on the Homes Tasmania website.
Federal Support Schemes
National initiatives also play a role. The First Home Guarantee allows eligible buyers to purchase with a 5% deposit, while the Family Home Guarantee supports single parents with just a 2% deposit. In both cases, the government guarantees the balance so lender’s mortgage insurance is not required. More details are available through Housing Australia.
New $30,000 Builders Grant
Most recently, the Tasmanian Government announced a new $30,000 grant for first home buyers building their first home. Alongside this, the MyHome cap for new builds has been lifted to $800,000, opening opportunities for more Tasmanians to consider building. Read the government release on the Premier of Tasmania’s website.
Bringing It Together
For first home buyers in Tasmania, these initiatives can make the difference between waiting on the sidelines and stepping into the property market. From reducing upfront costs to lowering deposit requirements, the combined support offers practical pathways into ownership. If you’re considering your first move, understanding how these schemes apply to your situation is the best place to start.
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Disclaimer: This information is provided in good faith and believed to be accurate at the time of publication. No warranty is given as to its completeness or reliability. Recipients should make their own enquiries and obtain independent advice before relying on this information.
