First home buyer loans in Tasmania
A 5% deposit is half the sum. We work out the grant, the duty and the loan before you make an offer.
The schemes you can use
Four schemes do most of the work for Tasmanian first home buyers. Eligibility rules, price caps and credit assessment apply to each.
- First Home Owner Grant. $20,000 towards a new home you buy or build, on contracts from 1 July 2026 to 30 June 2027. How the grant works.
- 5% Deposit Scheme. The Australian Government guarantees part of your loan, so you can buy with 5% and pay no lenders mortgage insurance. Tasmanian price caps are $700,000 in Greater Hobart and regional centres and $550,000 in the rest of the state.
- MyHome. Homes Tasmania takes a share in the property so you can buy with as little as 2%. How MyHome works.
- First Home Super Saver. Withdraw up to $50,000 of voluntary super contributions towards your deposit.
The 5% deposit trap
The temporary transfer duty exemption for established homes ended for settlements after 30 June 2026. On an established home you now need duty on top of your deposit.
On a $550,000 house that looks like this:
- 5% deposit: $27,500
- Transfer duty: about $20,373
- Conveyancing, inspections and fees: allow a few thousand more
So the cash you need is closer to $50,000 than $27,500. We run this sum for the exact price you have in mind. Try the stamp duty calculator.
What a lender checks
Liam assessed first home buyer applications as a bank underwriter. The things that most often cut a first application short are small and fixable:
- Buy now, pay later accounts and unused credit cards
- A HECS or HELP debt left off the application
- Savings that arrived as one lump with no explanation
- Casual or probationary employment with a lender that doesn’t accept it
We check each of these before anything is lodged.
Pre-approval before you look
Pre-approval tells you what you can spend and shows agents you are a serious buyer. Tasmanian contracts have no automatic cooling-off period, so the finance clause in your offer matters. How pre-approval works.
How we handle it
The same four steps on every loan, whatever the size.
Talk
A 20-minute call about what you want to do. No documents needed yet.
Compare
Your scenario priced across 40+ banks, mutuals and non-bank lenders, explained in plain English.
Settle
We package the application, lodge it and chase the lender through to settlement.
Stay sharp
Every year we check your rate against the market, so the loyalty tax never gets a grip.
Questions people ask
What if I’m buying in another state?
Each state has its own duty and first home rules. NSW, Victoria, Queensland, WA and the ACT all differ from Tasmania. See buying outside Tasmania for a state-by-state summary.
Is the 5% Deposit Scheme capped by postcode?
Yes. Price caps are set by region and city, and a property one postcode over can fall into a different cap. We check the postcode before you offer.
Can I use a first home grant from another state?
Grants are state based, and you generally need to live in the home you buy in that state. Check the rules for the state where the property sits.
Do I still need a deposit if I use a first home scheme?
Most schemes still need some money of your own for costs, and the 5% Deposit Scheme still requires savings. We show you the cash needed at settlement.
Can I use the grant and the 5% Deposit Scheme together?
Often yes, if you meet the rules for both. The grant applies to new homes only, and the scheme has its own price caps. We check the combination for the property you want.
Does a 5% deposit have to be genuine savings?
Most lenders want to see at least part of it saved over three months or more. Gifts from family can make up the rest with some lenders. Policies differ, which is why we compare them.
How long before I can buy?
With documents ready, pre-approval commonly takes from a few days to two weeks depending on the lender. We give you a realistic timeline at the start.
General information, last updated November 2026. Scheme figures, lender policies and duty rates change, so confirm them before you rely on them.
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