HomeShare is a Tasmania Government initiative helping low and moderate income Tasmanians to buy their own homes.
The Tasmanian Government understands that often there is a significant gap between what people can afford to pay for home ownership, given what they earn, and what they must pay for housing, given what it costs.
An alternative pathway to home ownership involves shared ownership. By sharing ownership with another person, in this case the Director of Housing, you may be able to buy a home that previously you could not afford
The benefits of buying a home through HomeShare include:
- The initial cost of entering home ownership is lower as you are required to fund only your share in the home.
- The ongoing cost of home ownership is lower, as you must make repayments on a loan only for your share in the property.
- As the Director of Housing will co-own the house with you, you are not subject to many of the uncertainties that may arise if you co-owned the house with another person.
- For homes purchased from the Director of Housing, you have the option of obtaining an independent building report paid for by the Director.
- You may obtain independent financial counselling, paid for by the Director.
- You control the home, subject to your obligations under the HomeShare agreement.
- You will receive $500 towards the costs of conveyance and preparation of the mortgage and associated documentation.
- When you buy the Director of Housing’s share, the value will be calculated on the market value at that time. Any approved improvements you have made to the property since the initial purchase will be taken into consideration.
Click on a link below to find out more about HomeShare: