MyHome Shared Equity Scheme

Buying a home can feel out of reach for many Tasmanians, especially with rising property prices and the challenge of saving for a deposit. The Tasmania MyHome Scheme is a government-backed initiative that helps eligible buyers step onto the property ladder sooner by sharing the cost of purchasing a home.

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What is the MyHome Scheme?

Shared Equity Program: MyHome allows you to co-purchase a property with Homes Tasmania, reducing the upfront costs and lowering mortgage repayments.

Deposit Requirement: Eligible buyers can secure a home with as little as 2% deposit of the purchase price.

Government Contribution: Homes Tasmania contributes up to 40% of the purchase price for new homes or house-and-land packages.

Eligibility:

• Must be an Australian citizen or permanent resident living in Tasmania
• At least 18 years old
• Meet income and asset limits
• Not own any other property

Benefits of MyHome

Lower financial barriers: Reduced deposit and mortgage repayments make home ownership more accessible.

Flexibility: Available for both building and buying a home to live in.

Partnership with Bank of us: Applications are managed through Bank of us, Tasmania’s customer-owned bank.

How to Apply

You can apply for the MyHome Scheme at any Bank of us retail store.

Before applying, it’s recommended to review the eligibility checklist and information guide.

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Useful Links

• Homes Tasmania – MyHome Overview
• Bank of us – MyHome Program Details
• Tasmanian Government Concessions – MyHome Shared Equity

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