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

Navigating the process of buying your first home can be both exciting and overwhelming, especially with so many financial assistance programs available. For first-time home buyers in Tasmania, there are several key government initiatives designed to make homeownership more accessible — from grants and duty relief to shared equity schemes.

If you're considering entering the property market, here’s what you need to know in 2025 and beyond.

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

• $10,000 for transactions commencing from 1 July 2024

• Previously: $30,000 for eligible transactions between 1 April 2021 and 30 June 2024

Note: The Tasmanian Government has announced plans to increase the FHOG to $30,000 once again for buyers who build their first home from January 2026. Check the official FHOG page for updates on this policy.

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.

See the State Revenue Office for eligibility and application details.

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.

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.