Tasmanian MyHome Shared Equity Scheme

What Is This Payment?

Saving a full deposit and servicing a large loan can keep home ownership out of reach. Under a shared-equity scheme the government contributes part of the purchase price and holds an equity share in the home, so the buyer needs a smaller loan.

MyHome is run by Homes Tasmania and arranged through Bank of us. The rule database tags it as a Group B benefit with eligibility_only as its result role, because the support is an equity share (a loan-like arrangement) rather than a payment, so no cash figure is displayed.

Applicants generally need to be 18 or over, have at least a 2% deposit, meet income and asset limits, and not own other property. The government's share is repaid when you sell or buy out the equity over time.

How Much Can You Get?

The amount block is eligibility_only with period: none because the support is a shared-equity contribution, not a cash payment. The scheme structure from the rule notes is:

• New home or house-and-land package: a government equity share up to $300,000 or 40% of the price, whichever is lower.
• Established home: a government equity share up to $150,000 or 30% of the price, whichever is lower.
• Property price cap of $750,000.
• Repaid over time when you sell or buy back the government's share, so it is a loan-like arrangement rather than a grant.

Eligibility Conditions

The eligibility block is an all set, so every condition must pass.

1. Tasmanian resident: state = TAS. The scheme is run by Homes Tasmania.
2. Not a current homeowner: is_homeowner = false. You must not already own a home (and not own other property).
3. Citizen or permanent resident: residency_status must be in [australian_citizen, permanent_resident].

Beyond the rule conditions, applicants generally need to be 18 or over, have at least a 2% deposit, and meet income and asset limits, so check the current thresholds with Homes Tasmania.

Because the government holds an equity share, you repay it when you sell or buy it out over time - it is important to understand this is shared equity, not free money.

How To Apply

The channel is phone. No formal evidence list is set in the rule, but you will need to demonstrate your deposit, income and that you do not own other property when you apply.

• Check you meet the residency, deposit and property conditions.
• Apply through Bank of us on 1300 306 716, who deliver the scheme for Homes Tasmania.
• Confirm the equity share, property price cap and repayment terms before you commit.

Read the official TAS MyHome Shared Equity Scheme guidance

Rule-Based Scenarios

Scenario 1: a first-home buyer of a new build

Chloe is a permanent resident buying a new home in Tasmania. Homes Tasmania takes an equity share of up to 40% (capped at $300,000), so she needs a smaller loan and deposit.

Scenario 2: buying an established home

The Okafor family buy an established home for $480,000. The government's share is up to 30% (capped at $150,000), reducing the loan they need from the bank.

Scenario 3: a price above the cap

Sam wants a home priced at $800,000, but with the property price cap at $750,000 that purchase falls outside the scheme.

Scenario 4: an existing homeowner

Maria already owns a home, so the is_homeowner = false condition is not met and she cannot use MyHome.

Common Mistakes

• Treating it as a cash grant: MyHome is shared equity - the government takes a share you repay over time, not free money.
• Ignoring the property price cap: purchases above the $750,000 cap fall outside the scheme.
• Confusing new and established limits: new homes can attract up to $300,000 or 40%, while established homes are up to $150,000 or 30%.
• Applying while owning property: you must not currently own a home or other property to qualify.
• Overlooking the deposit and income tests: you generally need at least a 2% deposit and to meet income and asset limits.
• Not contacting Bank of us: the scheme is delivered through Bank of us on 1300 306 716, so start there to apply.

Related Benefits

• TAS Fire Service Contribution Concession - 20% off the fire levy for pensioner homeowners.
• TAS Council Rates Concession - the 30% rates remission for pensioner homeowners.
• TAS First Home Owner Grant - a grant towards buying or building a first home.
• TAS Stamp Duty Relief - duty relief for first-home buyers of an established home.
• Home Equity Access Scheme - federal equity-based loan for older Australians.
• Age Pension - federal income support for older Australians.

Frequently Asked Questions