Making home ownership easier for Tasmanians

Are you tired of renting? What if we told you that owning your dream home in Tasmania could now be even easier?

We’re pleased to share that the Australian Government is expanding the Home Guarantee Scheme, now featuring unlimited places, no income caps and increased property price caps - helping more Tasmanians buy their first home sooner.

From 1st October 2025, the Scheme will remove limits, giving all Australian first home buyers the opportunity to enter the market with a deposit of as little as 5% and avoid Lenders Mortgage Insurance (LMI).

What is the Home Guarantee Scheme?

The Home Guarantee Scheme is an Australian Government initiative designed to help home buyers enter the property market sooner. Eligible applicants will receive financial support to secure a loan with as little as a 5% deposit - without paying LMI.

The Scheme supports first home buyers in different circumstances who have saved a small deposit and meet the eligibility criteria to purchase or build a home.

For Tasmanian buyers, this means you could secure your first home - whether it’s an acreage home in Deloraine, a family home in Rokeby, or a Barn House in a growing community like Sorell or Brighton - sooner than you might think.

Eligibility Criteria

You may be eligible if:

• You are a first-time home buyer
• You intend to purchase an existing home or build new
• You will live in the home as your principal place of residence
• You are not purchasing as an investment property or on someone else’s behalf
• You are an Australian citizen or permanent resident

For more detailed information about eligibility, visit the Australian Government’s Home Guarantee Scheme website or speak to one of our finance specialists at MyChoice Home Loans.

MyChoice Home Loans

At MyChoice Home Loans, we remove the stress of finding your own finance – making it simple and enjoyable to secure your dream home in Tasmania.

As construction home loan specialists, the team at MyChoice Home Loans will partner with you every step of the way - from your first conversation through to settlement and beyond.

We offer convenience, choice and clear communication, so you can enjoy peace of mind throughout your building journey. Whether you’re building in a scenic regional town or near Tasmania’s thriving city centres, we’ll work to get your loan approved faster and support you throughout the life of your loan.

Because with the right finance strategy in place, your new Tasmanian home could be closer than you think.