Tasmania’s MyHome Shared Equity Program
At its core, the MyHome program is about partnership and accessibility. It enables eligible participants to purchase a home with the assistance of the Tasmanian Government, which contributes up to 30% of the Property's purchase price. In return, the Government holds an equivalent equity share in the Property. This approach significantly lowers the entry barrier for first-time buyers, reducing the amount they need to borrow from a lender.
Eligibility and How the Program Works
The program is primarily aimed at Tasmanians who have a household income within certain limits, giving preference to applicants who are:
Permanent residents or Australian citizens residing in Tasmania.
First-time homeowners or those not currently owning a home.
Able to secure a home loan from a participating financial institution.
Once accepted into the program, participants select a Property within the set price limits. After the purchase, while the buyers are the primary homeowners, the Tasmanian Government holds a proportional interest in the Property. This interest is realised if the Property is sold, or the homeowner can choose to buy out the Government’s share over time.
The Application Process
STEP 1: Assess Eligibility
Review the eligibility criteria thoroughly to ensure you qualify.
STEP 2: Financial Preparation
Engage with a participating financial institution to understand your borrowing capacity.
STEP 3: Application Submission
Complete and submit the MyHome application and the required documentation.
STEP 4: Property Selection
Once approved, search for a suitable Property within the price limits of the program.
STEP 5: Purchase and Ownership
Once you find a suitable Property, you will need to engage with your Conveyancer to draft the Contract of Sale. The Contract must include additional preconditions that relate directly to the purchase of a Property under the MyHome scheme.
If you would like to discuss the process further, contact EB Conveyancing.