Grants

From 18/2/2024, if you are a first home buyer purchasing an existing home under $750,000, you may be exempt from paying stamp duty. To find out more, check out our blog Stamp Out Stamp Duty: A New Era for First Home Buyers in Tasmania

The Tasmanian Government is currently offering Australian Residents a once-off payment of $30,000 to first home buyers who are building or purchasing a brand new home. The grant is currently available until the 30th June 2024.

Our brokers will assist you apply for the FHOG during your application process, but you can also apply for the grant up to 12 months after the date of your certificate of occupancy or settlement.

The first home guarantee allows first home buyers the chance to break into the market sooner with as little as a 5% deposit. If you have genuine savings of between 5% and 20%, Housing Australia will 'guarantee' your loan eliminating the need to pay lender's mortgage insurance. There are 35,000 spaces available in the scheme until 30 June 2024.

There are some things to remember. In central Hobart, the value of the home must be under $600,000 and the remainder of Tasmania is $450,000. It must be your first home and you will also need to meet the lenders eligibility criteria. Talk to one of our brokers today to find out more.

Like the First Home Guarantee, the Regional First Home Buyers Guarantee allows you to get into the market with a deposit of as little as 5% without the need to pay lender's mortgage insurance (LMI) subject to lenders eligibility criteria. There are 10,000 spaces available until 30 June 2024. The same property price caps apply as the First Home Guarantee.

Unlike the First Home Guarantee however, this scheme is not limited to new home buyers. If you haven't owned property in Australia in the last 10 years, you may be eligible. Talk to one of our brokers today to find out if you qualify.

Single parents and single guardians, with at least one dependent, earning under $125,000 pa have the opportunity to get into a home with as little as a 2% deposit without the need to pay lender's mortgage insurance (LMI). There are 5000 spaces available until the 30 June 2024. Lender's eligibility criteria, income tests and property price caps apply.

To be eligible for the grant, you must be single (unfortunately, being separated doesn't qualify you) and be legally responsible, whether alone or jointly with another person, for the day-to-day care, of the dependent/s in their care.

You don't need to be a first home buyer but must not currently own property, or upon settlement of the property you are purchasing, you will not own a separate property.

My Home is not a grant but is worth mentioning here as a Tasmanian Government initiative to get you into your first home sooner. Participants can build or buy an established home with as little as a 2% deposit. Unlike the other grants available, the Tasmania Government will co-own your property with you. They will contribute up to 40% (to a maximum of $200,000 for a new construction or house and land package) or up to 30% (to a maximum of $150,000) for an existing property. Lender's eligibility criteria, income tests and property restrictions apply.

The initiative means that the Tasmania Government will have a financial interest in your home until you either sell the home or refinance the home and pay out their share at the current market value.

There is much to consider when it comes to the My Home Shared Equity Program and we strongly recommend that you speak with one of our experienced mortgage brokers to find out more.