The MyHome Shared Equity Scheme is a Tasmanian Government program designed to help eligible low to moderate-income earners purchase their first home. The scheme enables homebuyers to purchase a home with a lower deposit, as the Government shares the equity in the property.

There are several benefits of the MyHome Shared Equity Scheme for Tasmanians looking to buy their first home:

1. Lower deposit: The scheme enables homebuyers to purchase a home with a lower deposit, making it easier for them to enter the property market.

2. Affordable repayments: Homebuyers can access more affordable repayments by sharing the equity in the property with the government. This can make it easier for them to manage their finances and avoid financial stress.

3. No mortgage insurance: As the government shares the equity in the property, homebuyers do not need to pay mortgage insurance. This can save them thousands of dollars over the life of their loan.

4. Greater choice of properties: With the MyHome Shared Equity Scheme, homebuyers have access to a greater choice of properties, up to $600,000 for established builds and no cap for house and land packages or new home construction.

5. Security of homeownership: By owning their own home, homebuyers can enjoy greater security and stability in their living arrangements, which can have positive impacts on their overall well-being and quality of life. The MyHome Shared Equity Scheme provides Tasmanians with a practical and affordable way to enter the property market and enjoy the benefits of homeownership. It can help to reduce financial stress, increase housing affordability, and promote economic stability and growth.

Call Sally today on (03) 6231 8181 or click here if you would like more information.