Government Grants

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, Family Home Guarantee, and Regional Home Guarantee.

The First Home Guarantee (FHBG) and Regional Home Guarantee (RHG) are Australian Government initiatives to support eligible first home buyers to purchase their first home sooner. 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. See below for details on each of these initiatives.

First Home Guarantee

5% minimum deposit PLUS costs (stamp duty, conveyancing etc)

New & existing properties

35,000 places from 1st July 2023 to 30th June 2024

All applicants must be first home buyers

Price cap Hobart $600,000 and the rest of Tasmania $450,000 – Click here for info on price caps.

You can find more information on the First Home Loan Deposit Scheme here OR download the fact sheet here.

To watch our brokers chat about the First Home Guarantee Scheme click here.

 

Family Home Guarantee

2% minimum deposit PLUS costs (stamp duty, conveyancing etc)

5,000 places from 1st July 2023 to 30th June 2024

Single parent with at least one dependent child

First home buyers or previous homeowners

Price cap Hobart $600,000 and the rest of Tasmania $450,000 – Click here for info on price caps.

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.

 

Regional Home Guarantee

5% minimum deposit PLUS costs (stamp duty, conveyancing etc)

New & existing properties

10,000 places from 1st July 2023 to 30th June 2024

Applicants have to have lived in the regional area or adjacent regional area for 12 months prior to purchase

All applicants must be first home buyers

The Tasmanian regional price cap is $450,000  – click here for more info on price caps.

Check whether the postcode you wish to purchase in is covered under the scheme by using this link.

You can find more information on the regional home guarantee here OR download the fact sheet by clicking here.

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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.

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Tasmanian First Home Owner Grant.

The First Home Owners Grant (also known as the First Home Builders Boost) of $30,000 has been extended until the 30th June 2024. The first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania between 1 July 2016 and 30 June 2024 (inclusive). 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.
If you are obtaining finance from a financial institution that has been approved to accept and process grant applications (called an “approved agent”) the financial institution will submit your application directly with the State Revenue Office. This is the process with most of the lenders we use and we will advise you on the exact process for your specific lender. You can view and download application form here, however if you are applying for finance through Up Loans, we need to submit the FHOG form to the lender on your behalf – you cannot apply directly to the SRO.
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:

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Duty concession for first home buyers of established homes (TAS).

Change to duty concession for first home buyers of established homes – Tasmania only.

The duty concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes in Tasmania. The dutiable value of a property that may be eligible for the 50 per cent discount on property transfer duty is up to $600,000. All existing eligibility criteria must be met.

How to apply.

Your solicitor or conveyancer will assist you to apply for the concession, and to seek a du​ty refund. Please yell out or email team(at)uploans.com.au if you have any questions around the grants.

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For further information on the building process and everything it entails, you can read our Home Building Guide, starting with stage 1 here:  www.uploans.com.au/stage1