Empowering More Tasmanians to Achieve Home Ownership
The Tasmanian Government's 2030 Strong Plan for Tasmania’s Future is dedicated to accelerating home construction and making home ownership more accessible for Tasmanians.
As part of this ambitious plan, the successful MyHome shared equity program is being expanded to support more residents in buying or building their own homes.
Minister for Housing and Planning, Felix Ellis, announced that starting July 1, the assistance available to buyers of new homes or house and land packages will significantly increase.
The MyHome Program offers significant assistance by allowing people to build or buy their home with as little as a two percent deposit. "MyHome shares the upfront costs of home ownership, reducing the required deposit and lowering mortgage repayments," Minister Ellis explained.
To broaden eligibility, the household income limit will rise by 25 percent to $116,933 for singles and $134,475 for couples. "This means a couple earning $130,000 can now achieve their dream of home ownership with just a two percent deposit," noted Minister Ellis.
Additionally, Homes Tasmania’s shared equity contribution will increase from $200,000 to $300,000, or up to 40 percent of the purchase price, whichever is less.
Since its launch in 2022, the MyHome program has assisted 380 households in achieving home ownership, with 282 purchasing existing homes, 18 buying new homes, and 80 securing house and land packages.
"MyHome has proven to be an incredibly popular program, supporting many Tasmanians in entering private home ownership," said Minister Ellis.
At MIX Property Group we are supportive of this initiative allowing more Tasmanians realise the great dream of home ownership. If we can assist you with your buying journey reach out to a MIX Property representative today.