Eligibility for Home Ownership Assistance

To be eligible you must:

  • have an income to meet the cost of purchasing and owning a home
  • be under income and financial asset limits* (If you qualify for the First Home Owners Grant, or you a purchasing an existing home and qualify for the First Home Buyer Stamp Duty Concession, or you are a tenant in a Director of Housing property you are exempt from this requirement)
  • be an Australian citizen or permanent resident, living in Tasmania
  • be an individual at least 18 years old (not a business or organisation)
  • have a minimum deposit of two per cent of the purchase price. If you are eligible for First Home Owner Assistance you can use this towards your deposit
  • not own or have an interest in any other real property(you may own land that you want to build your home on with the assistance of MyHome)
  • not be an undischarged bankrupt or discharged from bankruptcy within three years before the date of the application
  • not owe any money to Housing Tasmania
  • not have received help under HomeShare, Streets Ahead or Home Ownership Assistance Program (HOAP) before
  • be able to pay legal and establishment fees
  • live in the house you buy (it has to be your main residence).

For more information on eligibility requirements please refer to the Bank of Us website. 

*Your financial assets must be no more than $105 800.
Financial assets include cash, savings, lump sum payments other than compensation payments, net fixed assets of a business, funds received from superannuation and shares, bonds and investments.

Your normal household assets are not included unless they are luxury items.

Household income and asset limits

NO OF ADULTS IN HOUSEHOLD

NO OF CHILDREN IN HOUSEHOLD

GROSS INCOME LIMIT
PER WEEK $

GROSS INCOME LIMIT PER ANNUM $

2

0

1 935

100 636

2

1

2 323

120 802

2

2

2 711

140 970

2

3

3 099

161 138

2

4 or more

3 485

181 205

1

0

1 683

87 509

1

1

1 935

100 636

1

2

2 072

107 754

1

3

2 458

127 821

1

4 or more

2 846

147 990

Income and asset eligibility limits updated as at 1st of July 2022