Understanding the Support Available for First-Time Home Buyers in Tasmania

Buying your first home is an exciting step, but it can also feel complex with so many grants, schemes, and incentives available. The good news is that in Tasmania, there’s strong government support designed to make entering the property market more achievable.

If you're considering buying your first home, here’s a clear and up-to-date overview of what’s available and how it could work for you.

First Home Owner Grant (FHOG) – Tasmania

The First Home Owner Grant is a one-time, tax-free payment from the Tasmanian Government to help eligible first-time buyers build or buy a new home.

Grant Amount

• $30,000 for eligible transactions from 1 July 2025 to 30 June 2026

Key Eligibility

• You must be buying or building a new home (never lived in or sold as a residence, including kit homes)

• Must be an Australian citizen or permanent resident

• At least 18 years old

• Must live in the home as your principal place of residence

Learn more and apply at the Service Tasmania website.

Stamp Duty Relief for First Home Buyers of Established Homes

If you're buying an existing (established) property — not eligible for the First Home Owner Grant — you could still benefit from full stamp duty exemption.

Program Details

• 100% stamp duty relief

• For purchases of established homes valued up to $750,000

• Available for contracts signed between 18 February 2024 and 30 June 2026

  
  

This can save thousands of dollars in upfront costs, which is especially helpful for first-time buyers purchasing existing homes.

First Home Guarantee (National Scheme)

The First Home Guarantee is a federal initiative under the Home Guarantee Scheme, supporting first-home buyers with limited deposits.

Program Benefits

• Buy a home with as little as 5% deposit

• No Lenders Mortgage Insurance (LMI) required

  
  

Property Price Caps (Tasmania)

• $700,000 in capital cities and regional centres

• $550,000 in rural areas

Eligibility

• First home buyers or those who haven't owned property in the last 10 years

• Income limits and lending criteria apply

  
  

You can combine this with other support such as the First Home Owner Grant or stamp duty relief. Visit Housing Australia's website for full details.

MyHome Program – Shared Equity with Homes Tasmania

The MyHome Program offers a unique path to homeownership through co-ownership with the Tasmanian Government (via Homes Tasmania).

How It Works

• You buy a share of the home (for example, 70%), and Homes Tasmania owns the rest

• This reduces your loan size, deposit, and repayments

• Over time, you can choose to buy out more of the property

Eligibility Factors

• Must live in Tasmania

• First home buyers are preferred

• Property value and income caps apply

• Applies to both new and existing homes, depending on eligibility

This model helps buyers who may not otherwise qualify for a full mortgage enter the market with lower financial barriers.

Help to Buy Scheme (Shared Equity – Federal) NOT JUST FIRST HOME BUYERS

This is one of the newest and most important additions to include in your article.

The Help to Buy scheme is a shared equity program where the Australian Government contributes toward the purchase of your home.

How it works

• Minimum deposit from buyer: 2%

• Government contributes:

  • Up to 40% for new homes

  • Up to 30% for existing homes 

This reduces both your loan size and repayments, making homeownership far more accessible.

It’s very similar in concept to Tasmania’s MyHome Program, but operates at a national level and is expanding through participating lenders into 2026.

First Home Super Saver Scheme (FHSSS)

This one is often overlooked, but it’s incredibly useful for buyers still saving.

The First Home Super Saver Scheme allows you to build your deposit inside your superannuation, where it’s taxed at a lower rate.

Key benefits

• Save up to $50,000 toward your deposit through voluntary super contributions

• Lower tax on contributions helps savings grow faster

• Can be used for both new and established homes

This is less about buying now and more about helping buyers get there sooner and more efficiently.

Summary: Make the Most of Available Support

With generous government support in Tasmania, 2025–2026 is a strong time for first-time home buyers to step into the property market. Whether you’re building a new home, purchasing an existing one, or need shared equity assistance, there’s a path to suit your circumstances.