Together, we’ll get you into home ownership

Many people have been stretched paying higher rents and saving for a deposit to buy or build a home.

If buying your own home always seems out of reach or if your life circumstances have changed MyHome might be perfect for you.

With MyHome, we share the upfront costs of buying your home which reduces the deposit you will need and mortgage repayments you make.

You can apply for MyHome at any Bank of us retail store.

Bank of Us logo

You can also find out more about MyHome by visiting the Bank of us website.

How does it work?

MyHome is the Tasmanian Government’s shared equity program that helps people get into their own home sooner.

Under MyHome you share the cost of buying your home with the Director of Housing.

The Director of Housing’s equity contribution under MyHome varies depending on what type of home purchase you are making. The value of the Director of Housing’s share will be calculated on the market value of the property based on the Director of Housing’s equity contribution percentage at the time of purchase.

Under MyHome you must pay out the Director of Housing’s share before 30 years. You can do this by purchasing the Director of Housing’s share or by selling the house.

What assistance is available?

With MyHome you only need a deposit of two per cent of the purchase price.

Assistance also includes:

  • up to a maximum of $200 000 or 40 per cent (whichever is the lesser amount) of the purchase price for purchasers of new homes 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.

If you are interested in buying an existing home (home that has been lived in) there is a property price cap of $600,000 under MyHome.

For more information read the MyHome Fact sheet.

How do I apply for MyHome?

For more information, or to apply, phone Bank of us on 1300 306 716 or email info@bankofus.com.au

Am I eligible for MyHome?

You must meet the eligibility criteria for MyHome. This includes having enough income to meet the costs of purchasing and owning a home. For more information see Eligibility for Home Ownership Assistance.

MyHome is available to tenants for homes owned by the Director of Housing. Tenants are exempt from income and asset limits under the program.

Other assistance

If you want to buy an existing property owned by the Director of Housing, you will also be eligible for the Essential Maintenance Package.

Read more the Essential Maintenance Package.