MyHome shared equity program
Let MyHome help get you into your home.
Many people have been stretched paying higher rents and saving for a deposit to buy or build a home.
If buying your own home always seemed out of reach or if your life circumstances have changed MyHome shared equity program might be perfect for you.
With MyHome, we share the upfront costs of buying your home which reduces the deposit you will need and mortgage repayments you make.
You can apply for MyHome at any Bank of us retail store.
How does it work?
MyHome is Homes Tasmania’s shared equity program that helps people get into their own home sooner.
With MyHome you share the cost of buying your home with Homes Tasmania.
Homes Tasmania’s equity contribution varies depending on what type of home purchase you are making. The value of the Homes Tasmania’s share is calculated on the market value of the property based on the Homes Tasmania’s equity contribution percentage at the time of purchase.
With MyHome you must pay out Homes Tasmania’s share before 30 years. You can do this by purchasing the Homes Tasmania’s share or by selling the house.
What assistance is available?
With MyHome you only need a deposit of two per cent of the purchase price.
Assistance also includes:
- up to a maximum of $200 000 or 40 per cent (whichever is the lesser amount) of the purchase price for purchasers of new homes or house and land packages
- up to a maximum of $150 000 or 30 per cent (whichever is the lesser amount) of the purchase price for purchasers of existing homes.
If you are interested in buying an existing home (a home that has been lived in) there is a property price cap of $600 000 under MyHome.
How do I apply for MyHome?
For more information or to apply, phone Bank of us on 1300 306 716 or email [email protected]
Am I eligible for MyHome?
You must meet the eligibility criteria for MyHome. This includes having enough income to meet the costs of purchasing and owning a home. Use this link for more information: eligibility for home ownership assistance.
MyHome is available to tenants for homes owned by Homes Tasmania. Tenants are exempt from income and asset limits under the program.
If you want to buy an existing property owned by Homes Tasmania, you will also be eligible for the essential maintenance package.