Expansion of HomeShare

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The State Government is overhauling HomeShare so as to make it easier for more low and middle income Tasmanians to purchase their own home.

HomeShare can help turn the dream of home ownership into reality by reducing the initial cost of buying a house and the monthly cost of owning it.

Under HomeShare, the cost of buying a new home is shared with the Director of Housing.

By sharing ownership, low to middle income Tasmanians may now be able to buy a house that they otherwise could not afford.

The cap for assistance has been lifted from 25 per cent of the purchase price or $50 000 up to 30 per cent or $55 000.

Under the change, the asset and income limits for applicants have also been raised, allowing more Tasmanians on moderate incomes to take advantage of the scheme. Different income limits will now apply for singles and couples.

For the first time, HomeShare will also be available to all public housing tenants who are able to afford a loan, giving them the opportunity to take the step from renting to home ownership.

The scheme can be used to purchase properties owned by the Director of Housing, newly built homes and house and land packages.

More information on HomeShare can be found at www.homesharetas.com.au