We are making changes to our HomeShare program so that more Tasmanians will be able buy their own home.
From 1 July 2022, the Housing Market Entry Program will make it easier to save for a deposit and make loan repayments more affordable.
Many people have been stretched paying higher rents and saving five per cent for a home deposit. The Housing Market Entry Program will reduce the requirement for a deposit to two per cent of the purchase price.
The Housing Market Entry Program is a shared equity product. It will help by reducing the ongoing costs of owning a home because the costs are shared with the Director of Housing.
The Director of Housing’s equity contribution will increase to a maximum of $200 000 or 40 per cent of the purchase price for purchasers of new homes or house and land packages.
Eligible home buyers will also be able to buy existing homes with up to $150 000, or 30 per cent, of the purchase price available in assistance.
For example, if you have limited financial assets, are a couple with one child and earn a yearly income of less than $114 180, or are single earning less than $82 712, you meet the assets and income test for the program and if you currently rent a Housing Tasmania property you are automatically exempt from these tests.
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