The guidelines below are for information purposes only. We strongly recommend that you click on the links and speak to your solicitor or conveyancer, and the relevant government departments, to make sure you have the most up to date information as it changes regularly.
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First Home Guarantee Scheme
The First Home Guarantee is an Australian Government initiative to support eligible first home buyers to purchase their first home sooner, here are the key details:
Deposit – 5% minimum deposit PLUS costs (stamp duty, conveyancing etc)
Property types – New & existing properties
Eligibility – All applicants must be first home buyers
Price cap – Hobart $700,000, the rest of Tasmania $550,000 – Click here for info on price caps for the rest of Australia
You can find more information on the First Home Loan Deposit Scheme here OR download the fact sheet here.
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Family Home Guarantee Scheme
The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous homeowner, here are the key details:
Deposit – 2% minimum deposit PLUS costs (stamp duty, conveyancing etc)
Property types – New & existing properties
Eligibility – Single parent with at least one dependent child they can be first home buyers or previous homeowners
Price cap – Hobart $700,000, the rest of Tasmania $550,000 – Click here for info on price caps for the rest of Australia
You can find more information on the Family Home Guarantee here OR download the fact sheet here.
Click here to watch our amazing brokers chat about the Family Home Guarantee Scheme.
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Duty exemption for first home buyers of established homes (TAS)
As of the 18th of February 2024, the State Government have abolished stamp duty for first home buyers of established homes in Tasmania completing settlement on or before the 30th of June 2026. The dutiable value of a property that may be eligible for this exemption is up to $750,000. All eligibility criteria must be met.
How to apply.
Your solicitor or conveyancer will assist you to apply for the concession, and to seek a duty refund.
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MyHome (previously known as HomeShare)
MyHome (formerly known as HomeShare) is the Tasmanian Government’s shared equity program that helps people get into their own home sooner. Under MyHome you share the cost of buying your home with the Director of Housing.
Click here to to see a fact sheet about My Home
MyHome is currently only available via Bank of Us. Fortunately, Bank of Us are now one of the lenders on our panel which means we can assist with applications on the MyHome scheme. If MyHome is something you’re interested in pursuing please book an appointment via your broker for more information by clicking here.
To find out a little more on what scenarios are eligible for this scheme please click here
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Tasmanian First Home Owner Grant
The First Home Owners Grant (also known as the First Home Builders Boost) is $10,000 as of the 1st July 2024. The first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania between 1 July 2024 and 30 June 2026. A new home is a home that has not previously been occupied or sold as a place of residence and includes kit homes.
Applying for the grant.
All Other states FHOG information:
Have a read of this helpful article on the grants from ‘Your Mortgage’ and also see specific government pages below:
- Western Australia
- Victoria
- New South Wales
- Queensland
- Northern Territory
- ACT – sorry ACT, no grants for you at this stage.
- South Australia
For further information on the building process and everything it entails, you can read our Home Building Guide.