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MyHome: Tasmania’s shared equity scheme explained

By Niko Iliakis ·
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Houses in a neighbourhood.

Joining an expanding roster of shared equity schemes popping up around Australia, Tasmania’s MyHome program is designed to help residents enter the property market sooner by reducing the upfront costs they face.

How does MyHome work?

MyHome lets you share the cost of buying a home with the Tasmanian government. So long as you and the home you’re purchasing satisfy the eligibility criteria, the Director of Housing will help bring down the upfront costs by making a substantial equity contribution.

If you plan to buy a new home or house and land package, the equity contribution will come to a maximum of $200,000 or 40% of the purchase price (whichever is lower).

If you plan to buy an existing home, the equity contribution will come to a maximum of $150,000 or 30% of the purchase price (whichever is lower).

Importantly, you will be required to pay off the Director of Housing’s share of the property within 30 years. This can be done by making additional contributions over time or by selling the home and using the proceeds of the sale.

Right now, Bank of us is the only lender participating in the MyHome program. If you’re thinking about applying, make sure to browse the Bank of us home loans currently available.

Who is eligible for MyHome?

To be eligible for MyHome, you must:

  • Not own or have an interest in any other property (other than land you may wish to build on under the program) 
  • Not be an undischarged bankrupt or discharged from bankruptcy within three years before applying 
  • Not owe any money to Housing Tasmania
  • Not have received prior help from the Home Ownership Assistance Program, Streets Ahead or HomeShare 
  • Be able to pay all related legal and establishment fees 
  • Be able to pay home loan establishment fees and repayments
  • Treat the house you buy as your main residence.

What are the income requirements?

The income requirements for MyHome vary depending on your household type (namely, the number of applicants and how many children you have). The following table provides a breakdown:

Household type Gross income limit (per week) Gross income limit (per annum)
1 adult, 0 children $1,683 $87,509
1 adult, 1 child $1,935 $100,636
1 adult, 2 children $2,072 $107,754
1 adult, 3 children $2,458 $127,821
1 adult, 4 or more children $2,846 $147,990
2 adults, 0 children $1,935 $100,636
2 adults, 1 child $2,323 $120,802
2 adults, 2 children $2,711 $140,970
2 adults, 3 children $3,099 $161,138
2 adults, 4 or more children $3,485 $181,205

What are the asset requirements?

There aren't just caps on how much you can earn to be eligible for the MyHome program; your total assets will also be taken into account. According to the Tasmanian government website, your total assets must not exceed $105,800. This includes:

  • Cash
  • Savings
  • Lump sum payments (excluding compensation payments)
  • Net fixed assets of a business
  • Funds received from superannuation and shares, bonds and investments.

Some people will be exempt from both the income and asset test requirements. These include: 

  • Current tenants in Housing Tasmania properties
  • Those who qualify for the FHOG from the Tasmanian government
  • First home buyers purchasing an existing home who qualify for the First Home Buyer Stamp Duty Concession.

 

MyHome FAQs

Will I need a deposit?

Yes. Applicants will need to have at least 2% of a property’s value saved up for a deposit. If you fall short of the deposit requirements, schemes like the FHOG can be used to help you cover the difference.

Which properties are eligible?

Eligible properties include:

  • A newly constructed dwelling (home or unit)
  • Building of a new home under a house and land package
  • Building a new home on land you currently own and a separate contract to build
  • Building a new home on land owned by the Director of Housing
  • An existing dwelling (home or unit)
  • An existing Tasmanian Director of Housing property
  • An ‘off-the-plan’ purchase.
Are there any property price caps?

Yes. If you plan on buying an existing home (that is, one that has been lived in), the purchase price cannot exceed $600,000.

No price caps will apply if you are buying or building a new home. You also won’t have to worry about any property price caps if you are a sitting tenant of the Director of Housing and looking to purchase a Director of Housing home.

Do I have to buy out the other share?

Yes. As part of the MyHome program, you will have to pay out the Tasmanian government’s share within 30 years.

For more information on the support currently available to Australians, browse our guide to first home buyer grants in Australia.

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Niko Iliakis
Niko Iliakis
Money writer

Niko Iliakis is a finance journalist at Mozo specialising in home loans, property and interest rate movements. With an eye for facts and figures, Niko deep-dives into topics to help readers understand key info and make more informed financial decisions. He is ASIC RG146 (Tier 2) certified for general advice.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

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