More buyers will reach home ownership following Tasmania’s decision to participate in the federal government’s Help to Buy scheme.
Tasmania has announced new legislation to enable the use of the federal government’s Help to Buy scheme.
Under the Help to Buy shared equity home purchase scheme, introduced in December 2025, the government will assist home buyers by covering up to 40 per cent of the price of a new home or 30 per cent of the price of an existing home.
By covering a significant portion of the loan, the scheme would then allow deposit requirements to be lowered to 2 per cent.
Once the purchase has been made, participants will have the option to buy back the government’s equity share over time through voluntary repayments.
To be eligible for the scheme, applicants must earn less than $100,000 as an individual or $160,000 as a joint applicant, intend to live in the property, and cannot receive support from other government schemes, although stamp duty concessions and grants remain available.
The price cap for Hobart and other Tasmanian regional centres was set at $700,000, while elsewhere in the state it was $550,000.
Tasmanian minister for housing and planning Kerry Vincent said the program’s implementation came after a significant period of consideration.
"We were clear from the outset we needed further information before we could implement this scheme,” Vincent said.
"Now, with the information needed to assess the impact of this scheme in Tasmania we feel confident to move forward.”
Of the 10,000 spots per year for the scheme, Vincent said the state had made the most of its allocation.
"Our MyHome Share Equity Program is kicking goals, with over 1,000 households assisted into home ownership,” Vincent concluded.
Elsewhere in the nation, price caps vary from as low as $500,000 in South Australia up to $1.3 million in Sydney.
