Tasmania Joins Federal Housing Scheme as MyHome Hits 1,000 Milestone

Shared equity program helps more Tasmanians break into the housing market

Tasmania has officially signed on to the federal government’s Help to Buy housing scheme, while the state’s own MyHome shared equity program has reached a major milestone helping more than 1,000 households into home ownership.

The move links Tasmania’s housing efforts with a national plan designed to help Australians enter the property market with smaller deposits and reduced mortgage costs.

MyHome Passes 1,000 Settlements

Tasmania’s MyHome shared equity program, launched in 2022, has now helped 1,000 Tasmanian households purchase or build a home.

Under the program, the Tasmanian Government contributes a portion of the purchase price in exchange for a share of the property, allowing buyers to borrow less and reduce mortgage repayments.

The initiative is designed to help first-home buyers who struggle to save large deposits while housing prices continue to climb.

Officials say the milestone represents thousands of Tasmanians benefiting indirectly, including families and children now living in more secure housing.

Tasmania Joins the Federal “Help to Buy” Scheme

Alongside the MyHome milestone, Tasmania has also committed to the federal Help to Buy scheme, becoming the final state to sign on.

The national program allows eligible buyers to enter the market with as little as a 2% deposit, with the federal government contributing equity toward the purchase price.

Under the scheme:

the government can contribute up to 40% of the cost of a new home

or up to 30% for an existing home.

Because the government holds a share in the property, buyers need smaller loans and face lower mortgage repayments.

A Response to Tasmania’s Housing Crisis

Housing affordability has become a major political and economic issue across Tasmania.

Demand for housing has surged in recent years, while supply has struggled to keep pace pushing prices higher and making it harder for first-time buyers to enter the market.

Programs like MyHome and Help to Buy are designed to address this gap by lowering the upfront cost barrier to home ownership.

Supporters say these initiatives can help thousands of families transition out of the rental market and into long-term housing security.

Boost for Construction and Local Economy

Government officials also argue the programs will help stimulate housing construction, with a significant share of MyHome settlements linked to newly built homes.