Many people have been stretched paying higher rents and saving five per cent for a home deposit. MyHome will reduce the requirement for a deposit to two per cent of the purchase price.

MyHome is a shared equity product that helps by reducing the ongoing costs of owning a home because the costs are shared with Homes Tasmania.

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.