A re-elected Liberal Government will triple Tasmania’s First Home Owners Grant from $10,000 to $30,000 for first-time buyers building new homes, Premier Jeremy Rockliff announced today.
The policy aims to stimulate new construction across the state while making home ownership more accessible for young Tasmanians and families.
“This means lower upfront costs, greater financial certainty, and a stronger incentive to build,” Rockliff said.
The enhanced grant can be used in conjunction with the government’s MyHome shared equity program, which has already helped more than 1,930 Tasmanians into home ownership with as little as a 2 per cent deposit.
The value cap for new construction under MyHome would also increase to $800,000 under a re-elected Liberal Government.
Property Council of Australia’s Tasmanian Executive Director Rebecca Ellston welcomed the announcement as “the exact shot in the arm that the industry needs.”
“What we’re hearing from members is they’ve seen a 94% decrease in land sales over the past 24 months,” Ellston said.
“The fact that this is tripling from $10,000 to $30,000 means that not only will it get more Tasmanians into homes but it also gives Tasmania a competitive advantage against other states.”
Housing Industry Association Executive Director Tasmania Stuart Collins said first home buyers are vital to the housing market.
“By having a first home owner’s grant and tripling it, it also means that we can reduce upfront debt and ensure that more first home buyers can qualify for home loans,” Collins said.
Prospective home buyer Josie Dwyer described the challenges of saving while renting.
“Rent prices are expensive and then also having a family and trying to save at the same time has been hard,” Dwyer said.
“I think the change from $10,000 to $30,000 is a massive increase that will help a lot of people.”
The policy builds on existing initiatives including the elimination of stamp duty for eligible first home buyers purchasing existing homes.
Shadow Minister Shane Broad said the housing market “has never been tighter, but building approvals are at historic lows”.
“The Liberals answer to everything is to throw money at it, but where is the money coming from? The Premier couldn’t even say today – how can you possibly trust him,” he said.
“Labor has already announced a suite of responsible housing policies to get more homes built faster, and we look forward to delivering on that promise.”
