Refusal to join federal shared equity scheme is limiting pathways to home ownership, industry warns
The Housing Industry Association (HIA) has urged the Tasmanian Government to sign up to the Commonwealth’s Help to Buy scheme, arguing that the state’s refusal to participate is putting local buyers at a disadvantage compared with purchasers in other jurisdictions.
The call follows an ABC report examining outcomes under Tasmania’s MyHome shared equity program, which highlighted delays at settlement and concerns about vendor willingness to engage with the scheme.
HIA executive director – Tasmania, Benjamin Price (pictured right), said the issues identified in the report show why Tasmanian buyers are not receiving the same level of support as purchasers elsewhere in Australia.
“The Tasmanian Government’s MyHome scheme is helping some buyers, but settlement delays and vendor reluctance mean too many Tasmanians are missing out,” he said.
“Meanwhile, the Commonwealth’s Help to Buy program is now live across the country, except in Tasmania. Tasmanians deserve the same support provided in all other areas of the country.”
Help to Buy provides shared equity assistance of up to 40% for new dwellings and 30% for established properties for eligible purchasers, lowering up-front deposit requirements and reducing mortgage repayments. All other states have agreed to participate in the scheme, leaving Tasmania as the only jurisdiction yet to adopt it.
From a mortgage industry perspective, brokers and lenders operating in Tasmania currently have access to MyHome but cannot offer clients the additional shared equity option available through Help to Buy in other markets. HIA argues that this gap is limiting product choice and constraining some borrowers’ ability to meet serviceability and deposit hurdles.
“Tasmania is the only state not participating,” Price reiterated. “This is a missed opportunity to improve housing options and give more Tasmanians a pathway into home ownership. We urge the government to act now.”
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