Exploring Tasmanian Homeownership Incentive Schemes: A Path to Affordable Homeownership

Tasmania offers a range of homeownership incentives aimed at easing financial barriers for buyers, particularly first-time purchasers, moderate-income earners, and retirees. Each incentive program is structured to address the unique needs of these groups, providing valuable support in achieving affordable homeownership. Here’s an overview of the main Tasmanian homeownership incentives currently available.

1. First Home Owner Grant (FHOG)

The FHOG Tasmania offers a one-time payment of $10,000 to eligible first-time home buyers who build or purchase a newly constructed home. The FHOG is designed to ease upfront costs, making it an ideal starting point for those looking to establish themselves in the Tasmanian housing market. To qualify, applicants must:

• Buy or build a new property.

• Live in the home as their primary residence for at least six months within the first year.

This grant often helps buyers cover part of the deposit, reducing the financial strain on new homeowners.

2. Property Transfer Duty Concessions for First-Time Buyers

For first-time buyers seeking established homes, Tasmania provides a property transfer duty concession to help alleviate the significant upfront costs often associated with property purchases:

• 100% exemption on property transfer duty for first-time buyers on homes valued up to $750,000.

• Available between February 18, 2024, and June 30, 2026.

This duty concession allows eligible buyers to save thousands on the costs of purchasing a pre-owned home, freeing up more funds for additional homeownership expenses.

3. MyHome Shared Equity Scheme

This scheme helps eligible buyers purchase a home by sharing the cost with Homes Tasmania. Homes Tasmania contributes up to $300,000 or 40% (whichever is the lesser amount) for new homes, construction, or house & land packages, and up to $150,000 or 30% (whichever is the lesser amount) for existing Homes Tasmania homes. Buyers must repay Homes Tasmania’s share within 30 years, either by buying it out or selling the home. The property must not exceed $750,000.

Making Homeownership in Tasmania More Accessible

These Tasmanian homeownership incentives make it easier for a broad range of buyers to achieve stability in the housing market. Here’s a quick comparison of what each program offers:

Scheme	Who It’s For	Benefit
First Home Owner Grant	First-time buyers	$10,000 toward purchasing/building a new home
Property Transfer Duty Concession	First-time buyers of established homes	100% exemption on transfer duty (up to $750,000)
MyHome Shared Equity Scheme	Low-to-moderate income earners	Government co-ownership, reducing mortgage costs

These programs provide critical assistance to homebuyers, helping them overcome financial hurdles and achieve long-term housing security in Tasmania. For further information on eligibility and the application process, visit the Tasmanian Government Housing website or contact local housing support agencies.

Disclaimer:

The information provided on this website is for general information and educational purposes only. It does not take into account your personal objectives, financial situation, or needs, and should not be relied upon as financial, legal, or tax advice. While we strive to ensure the content is accurate and up to date, we make no guarantees of its completeness, reliability, or suitability. Any reliance you place on the information is strictly at your own risk. We recommend that you seek independent professional advice before making any financial decisions, including from a licensed mortgage broker, financial adviser, or tax professional. References to government schemes, grants, or lender products are subject to change and eligibility criteria. Please confirm details with the relevant authority or provider. We are not responsible for any loss, liability, or damage incurred as a result of the use of this website or its content.