First Home Buyer Guide Tasmania (TAS) 2026 - Grants, Schemes & Loans

In Tasmania, the First Home Owner Grant (FHOG) is $30,000 for eligible first home buyers purchasing or building a new home valued at up to $750,000. Tasmania's $30,000 FHOG is tied with Queensland for the highest grant in Australia - three times the amount offered in NSW and Victoria ($10,000 each). The grant is administered by the State Revenue Office of Tasmania and is typically applied at settlement through your lender. You must be an Australian citizen or permanent resident, at least 18 years old, and not have previously owned property in Australia.

First home buyers in Tasmania receive a 50% concession on stamp duty (called "duty" in Tasmania) on properties valued up to $600,000. This means you pay half the standard rate. On a $500,000 property, the standard duty would be approximately $17,697 and a first home buyer pays approximately $8,848 - a saving of $8,849. Tasmania does not offer a full stamp duty exemption for first home buyers like some other states. Above $600,000, the concession phases out. The 50% concession applies to both new and established homes, which is an advantage over states like SA where exemptions only cover new builds.

The property price cap for the Tasmanian First Home Owner Grant is $750,000 for new homes. This is one of the more generous caps in Australia and covers the vast majority of new builds across Tasmania, including most new homes in Greater Hobart. The grant applies to newly built houses, off-the-plan apartments, substantially renovated properties, and owner-builder constructions. If the property value exceeds $750,000, you receive no grant - there is no sliding scale. Combined with the $30,000 grant amount, Tasmania offers one of the strongest FHOG packages nationally.

No, the Tasmanian First Home Owner Grant is not available for existing (established) homes. The $30,000 grant applies only to new homes including newly constructed properties, off-the-plan apartments, substantially renovated homes, and owner-builder new constructions valued at up to $750,000. However, if you are buying an existing home in Tasmania, you can still access the 50% stamp duty concession (on properties up to $600,000), the First Home Buyer Guarantee (5% deposit, no LMI), Help to Buy (30% government equity for existing homes), the MyHome shared equity scheme, and the First Home Super Saver Scheme.

The minimum deposit to buy a first home in Hobart depends on which scheme you use. With the First Home Buyer Guarantee (FHBG), you need 5% deposit - $21,250 on a $425,000 property - with no Lenders Mortgage Insurance. With Help to Buy, you need just 2% deposit. With MyHome shared equity, you may need as little as 2% deposit. Without any scheme, most lenders require at least 5% but you will pay LMI of approximately $6,000-$12,000 unless you have 20% ($85,000 on a $425,000 property). Tasmania's lower entry prices compared to mainland capitals make homeownership achievable with modest savings.

MyHome is Tasmania's state government shared equity scheme that helps eligible buyers purchase a home with a smaller deposit and lower loan amount. Under MyHome, the Tasmanian government contributes up to 30% of the purchase price as a shared equity stake, meaning you only need to borrow 70% (or less) of the property value. Income caps and property price limits apply. When you eventually sell or refinance, you repay the government's equity share at current market value. MyHome can be combined with the FHOG for new homes. It is similar to WA's SharedStart and the federal Help to Buy scheme, giving Tasmanian buyers an additional pathway to homeownership with minimal savings.

Income caps for first home buyer schemes in Tasmania vary by program. The First Home Buyer Guarantee (FHBG) has a cap of $125,000 for singles and $200,000 for couples (taxable income). Help to Buy has a lower cap of $90,000 for singles and $120,000 for couples. The MyHome shared equity scheme has its own income thresholds set by the Tasmanian government. The First Home Owner Grant (FHOG) in Tasmania has no income test - eligibility is based on property value and type only. The First Home Super Saver Scheme (FHSS) also has no income cap. Most first home buyers in Tasmania will qualify for at least one scheme.

On an $85,000 salary with no other debts, most lenders will approve a first home loan of approximately $450,000-$530,000. Lenders apply APRA's 3% serviceability buffer, testing affordability at around 9.5%. A $30,000 HECS-HELP debt reduces borrowing capacity by approximately $25,000-$40,000. In Hobart, borrowing capacity of $450,000-$530,000 covers a wide range of suburbs - while Hobart prices have risen significantly, outer suburbs and northern corridor areas remain accessible. Launceston and the north-west coast offer even more affordable options within this borrowing range.

The most affordable suburbs for first home buyers in greater Hobart in 2026 include areas in the northern corridor such as Bridgewater ($340,000 median unit), Gagebrook ($320,000), and Chigwell ($350,000). Brighton offers new estates with units from $340,000. On the eastern shore, Midway Point has units from $370,000. Southern suburbs like Kingston Beach have higher prices but Blackmans Bay offers units from $420,000. Outside Hobart, Launceston offers units from $290,000 and the north-west coast (Devonport, Burnie) from $240,000 - these also qualify for the Regional First Home Buyer Guarantee.

Regional Tasmania offers excellent value for first home buyers. Launceston - Tasmania's second city - has a median unit price of approximately $290,000, well within all scheme caps, and qualifies for the Regional First Home Buyer Guarantee (RFHBG) with 5% deposit and no LMI. The north-west coast (Devonport, Burnie) offers the lowest entry points in Tasmania from $240,000. Regional buyers receive the same $30,000 FHOG for new builds. Strong rental yields in regional Tasmania (often 5-6%) mean buying can be significantly cheaper than renting. The main trade-off is fewer employment options, though remote work has expanded opportunities.

Tasmania's property market offers significantly lower entry prices than mainland capitals. Hobart's median house price is approximately $650,000 - roughly 50% of Sydney's median and 20% below Melbourne's. However, Hobart experienced rapid price growth from 2017 to 2022, making it less affordable relative to local incomes than it once was. Tasmania's key advantages for first home buyers include the highest FHOG nationally ($30,000 tied with QLD), the MyHome shared equity scheme, and regional areas with very low entry points. The main challenges are a smaller lending market (fewer local broker options) and limited new housing supply.

The choice between Hobart and regional Tasmania depends on employment, lifestyle, and budget. Hobart offers better employment diversity, services, and historically stronger capital growth, but higher prices mean a greater deposit and loan. Regional Tasmania - particularly Launceston - offers entry points $150,000-$200,000 below Hobart with RFHBG eligibility. Consider outer Hobart growth areas like Brighton and Sorell which combine lower prices with improving Hobart connectivity. If you work remotely, regional Tasmania offers exceptional value. As Tasmania's smallest state lending market, working with a mortgage broker is especially valuable to access a wider range of lender options.